Gas

Germany pushes back on Putin’s ‘blackmail’ with gas terminal

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Germany opened its first state-chartered liquefied natural gas vessel as Europe’s largest economy races to replace Russian gas amid an energy crunch and freezing temperatures.

“As of today, Germany and the EU will become a great deal more secure and independent,” Chancellor Olaf Scholz said in a short speech Saturday in Wilhelmshaven on the North Sea coast to mark the inauguration.

Scholz said Russian President Vladimir Putin, in pursuing the invasion of Ukraine, calculated that he could pressure Germany and the rest of Europe by making energy a political weapon and cutting off gas supplies.

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“He was wrong,” Scholz said. “We won’t be blackmailed.”

Opening the terminal marks a milestone in Germany’s efforts to become more energy independent from Russia. The project was accelerated with the help of a special law and realized in less than 200 days. That was remarkably fast by German standards; infrastructure projects often take years, if not decades, to finish due to lengthy approval procedures and frequent local opposition.

“This is now the new pace in Germany with which we’re pushing ahead with infrastructure,” Scholz said.

The launch also shows Germany plans to remain competitive in the international LNG market while remaining skeptical of the European-wide gas price cap being pursued by the European Commission. Scholz is worried LNG vessels could just aim for the highest bidder, leaving Europe with less supply.

On Monday, EU energy ministers are expected to conclude months of talks on the cap by agreeing on an exact threshold. Following an EU leaders’ summit in Brussels on Thursday, Scholz said he would prefer a cap set so high that it will “never be relevant.”

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