European gas prices rose sharply again on Tuesday

European gas prices rose sharply again on Tuesday, jumping by as much as 12%. Germany has stopped the certification process for the Nord Stream 2 pipeline, which means that hopes for a rapid increase in supply will not materialize once it is up and running. The Bundesnetzagentur (BNetzA) announced on Tuesday that it had suspended the certification process for the Nord Stream 2 gas pipeline, which is to flow Russian gas directly from Russia to Germany. The reason is that a consortium based in Switzerland, which is to operate the pipeline, has to set up a company under German law in order to obtain a license. The Bundesnetzagentur has concluded that it can grant a license to operate the Nord Stream 2 pipeline only on condition that the legal form of the company that will operate it complies with German legislation. This means that the Swiss company Nord Stream 2 AG, which is owned by Gazprom, should create a German division. The announcement by the German authority caused European gas prices to rise sharply. Traders fear that Europe will not get the gas it needs to alleviate the shortcomings this winter. There are real fears that in the event of a cold winter, there will be power outages, said Trafigura chief executive Jeremy Weir. European gas prices have more than tripled this year. The main reason was weak supplies from Russia, which caused European gas reserves to be the lowest in more than ten years at the beginning of the current heating season. Moscow has repeatedly stated that it can supply more gas after the launch of the controversial Nord Stream 2 pipeline, according to some European politicians.