EU Can Switch to LNG in Event of Unfair Pipeline Gas Pricing, German Energy Minister Says

BERLIN (Sputnik) - German Minister for Economic Affairs and Energy Peter Altmaier stressed on Friday that Germany is not dependent on a certain gas supplier and warned pipeline gas suppliers that unfair pricing policies can force consumers to switch to other sources, including liquefied natural gas (LNG).

"We will do everything we can to prevent it [dependence on one supplier]. It is always possible to switch to LNG, many European countries have big terminals," Altmaier said at a press conference.

"Those who supply us with gas through pipelines should also know that as a result of an unfair increase in prices, ... sources of supply may change," the minister warned.

Germany's gas storage facilities are currently 75% full, which exceeds the level seen in 2015 when this volume was sufficient for the whole winter, Altmaier added.

The European Union has seen a spike in natural gas prices over the past few months, driven by growing energy demand amid an economic recovery from months of lockdowns, and a limited supply. Peak price of gas futures in Europe exceeded $1,900 per 1,000 cubic meters in early October.