Uniper CFO: Nord Stream 2 Completion Not Cure-all for Gas Market Woes

Vera Eckert and Chris Steitz November 8, 2021

On September 10, 2021, the sections of the second Nord Stream 2 pipeline laid from the German shore and Danish waters was connected in a so-called above water tie-in. The opposing pipe strings were lifted from the seabed by the lay barge Fortuna and the pipe ends were cut and fitted together. The welding to connect the two lines took place on a platform located above the water on the side of the vessel. Then the connected pipeline was lowered to the seabed as one continuous string.©NordStream2

The completion of the controversial Nord Stream 2 gas pipeline to bring more Russian gas into Germany under the Baltic Sea would go some way to relieving the tight gas market this winter, but there were other factors at play, the chief finance officer of utility Uniper said.

"Clearly it (Nord Stream 2) would help but the situation is more complex," CFO Tiina Tuomela said in an earnings call with analysts on Friday, adding weather factors and the level of arrivals of liquefied natural gas (LNG) in Europe were also important.

Certification of the pipeline, where Uniper is one of the finance partners, may still be a few months away.

(Reporting by Vera Eckert and Chris Steitz, editing by Riham Alkousaa)