By Peter McLaren-Kennedy •
Published: 05 Sep 2022 • 12:07
Norway gas - Image PXMedia/Shutterstock.com
CEO Frode Leversund told Reuters on Monday, September 5 that some essential maintenance is being undertaken at the moment but that the company will be ready to supply Europe with gas from October 1.
Norway surpassed Russia as the leading gas supplier to Europe long before the country took steps to limit supplies due to sanctions.
According to Refinitiv Eikon data, Norway supplied as much gas in the summer to Europe as it would during winter far outstripping the supply from Russia.
Leversund said deliveries have already increased this year by the equivalent of 60 terawatt hours, or 4.97 billion cubic metres (bcm) of gas.
Although maintenance is being undertaken Leversund confirmed that supplies were still flowing and that the country was set to deliver a record 117 bcm of gas through its pipelines in 2022.
Pipelines currently supply Britain, Germany, Belgium and France with a new pipeline connecting Norway to Poland via Denmark (the Baltic Pipe), due to start operations in October.
Gas supply from Norway is set to rise by more than eight per cent this year, however, the exact impact of the additional pipelines will not be known until they are fully operational. That could see the amount of gas delivered increasing by substantially more than the eight per cent forecast.
Russia has halted supplies through the Nord Stream 1 pipeline, which had in the past, supplied around a third of Europe’s requirements. Whether the reduction in usage across Europe and the increased supply from Norway will be enough to cover that shortfall remains to be seen.
For now, gas prices continue to rise with little respite on the horizon. If unchecked that could spell disaster for many households and businesses, with the latter not protected from price rises in most countries.
Whilst Norway says it’s ready to meet Europe’s winter gas demand, Western will need to do more to stem the rise in energy prices or face recession.
Thank you for taking the time to read this article, do remember to come back and check The Euro Weekly News website for all your up-to-date local and international news stories and remember, you can also follow us on Facebook and Instagram.
Share this story
Subscribe to our Euro Weekly News alerts to get the latest stories into your inbox!
By signing up, you will create a Euro Weekly News account if you don't already have one. Review our
Originally from South Africa, Peter is based on the Costa Blanca and is a web reporter for the Euro Weekly News covering international and Spanish national news.
Got a news story you want to share? Then get in touch at firstname.lastname@example.org.
Download our media pack in either English or Spanish.