Russian state energy company Gazprom has announced that gas flows through the Nord Stream pipeline to the EU will be halted for three days from August 31st to September 2nd for necessary maintenance.
The company stated, “On August 31, the only working Trent 60 gas compressor unit will be shut down for three days for maintenance,” adding that the repairs will be performed jointly with the German manufacturer, Siemens.
Gazprom continued, “Upon completion of work and the absence of technical malfunctions of the unit, gas transportation will be restored to the level of 33 million cubic meters per day.” That represents roughly 20% of the pipeline’s maximal capacity, were all six turbines operating at full capacity.
The compressor unit is the last of the six units that was still operational. The remaining five have all been either decommissioned pending an overhaul, or are awaiting the return of parts which were sent for repair. One of the turbines for one of the compressors is presently trapped in Germany due to sanctions, after undergoing repairs in Canada.
Russian gas flows through the pipeline dropped to 20% of maximal capacity last month as Gazprom determined additional compressors required maintenance to continue to operate safely. Gazprom has said it requires at least five compressors in order to pump gas at maximum capacity.
The news caused European gas prices to spike, rising 7% to over $2,600 per thousand cubic meters.
The Daily Financial Trends
