Europe’s Energy Crisis Self-Made, Linde Engineering CEO Says

ST. PETERSBURG (Sputnik) - Europe's gas crunch is self-inflicted inasmuch as European Union member states failed to secure a source of natural gas at a time when demand from recovering economies exceeded supply, Juergen Nowicki, the CEO of global industrial gases and engineering company Linde Engineering, told Sputnik on Thursday.

"I would say Russia hasn’t done anything wrong and Europe is in a self-made problem now. Also, I think it is a temporary problem and it will go away. Competition and competitive prices are good for business and we like a good competition," Nowicki said on the sidelines of the St. Petersburg International Gas Forum.

Russia has denied accusations of limiting gas supplies to Europe in order to force Nord Stream 2 pipeline to Germany, which still needs to be approved by EU regulators. German Chancellor Angela Merkel said on Wednesday that Russia is delivering on its contractual obligations.

"The demand is higher than supply. This is the reason. I think Russia is delivering what it promised but this is currently not enough. Could Russia deliver more? I don’t know but we also have to keep in mind commercial thinking," Nowicki said.

Gas prices surged to a record high in September after global gas demand rose. With winter approaching, the European Union has been struggling to fill its gas reserves as member states rely on imports for much of their gas supplies.