German business warns of the consequences of the shutdown of Nord Stream-2

The Eastern Committee of the German Economy believes that the suspension of the project threatens to increase prices for gas and electricity for European consumers.

According to TASS, a statement released on Tuesday by OAOEV Chairman Oliver Hermes said that the Eastern Committee of the German Economy (OAOEV) considers attempts to stop the implementation of the Nord Stream-2 project short-sighted and warns that the refusal to build the pipeline threatens to increase gas prices and electricity for European consumers.

“If the implementation of Nord Stream-2 is stopped, then we should, first of all, expect an increase in prices for gas and electricity for European consumers. Only a strong, competitive economy is able to compensate for significant losses during the coronavirus crisis and achieve ambitious climate targets under the Green Deal”, – the head of the committee said.

Hermes pointed out that the arguments used by the United States and many environmental activists are contradictory.

“If gas supplies from Russia stop, then gas supply will be provided through the import of LNG. However, imports of US gas produced by the fracking method would have been significantly more expensive and more harmful to the environment”, – explained the head of OAOEV.

The Eastern Committee recalled that Nord Stream-2 “as one of the most modern pipelines in Europe” in the future can be used to transport hydrogen.

“It would be a shortsighted decision, both from an environmental and economic point of view, to stop the implementation of an almost completed multibillion-dollar project and thereby finally turn into a toy of political influence”, – Hermes warned.

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