This is a disaster in terms of energy, geopolitics, and the environment.
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Nord Stream 2 is basically a twin to Nord Stream 1, a capacity of gas that Russia could send directly into Germany. The Germans were always in favor of the project. They viewed Russian natural gas as a reliable supply and liked the idea of it coming directly into their country.
It remains to be seen. In the near term, it’s not much of a different situation than we already expected for this winter when it comes to gas supply. The longer-term question would be future supply through those pipelines and whether, honestly, they ever get repaired. Europe is trying to move away from Russian gas, and they’ll never again view Russia as a reliable supplier—the Kremlin’s supplies of gas are politically motivated and unreliable.
At some point they’re going to do something such that this is no longer an environmental hazard. That’s going to have to happen. I’m not sure how long it will take, but that will get fixed. An ongoing methane leak like that will not be allowed to go, to the extent anybody can do anything about it.
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