The German energy company E.ON has signaled its intention to maintain involvement with Nord Stream AG, the operator behind the Nord Stream gas pipeline. This stance was conveyed to the German publication Rheinische Post by Mark Spieker, the chief financial officer of E.ON.
Currently, E.ON holds a 15.5 percent stake in Nord Stream AG. The Nord Stream pipeline, which runs beneath the Baltic Sea and links Russia with Germany, suffered an explosion in September 2022 that caused significant damage and prompted extensive scrutiny of European energy infrastructure.
Spieker noted that options are being explored for how the pipeline could be drained and safeguarded to prevent further disruption. The discussion around technical steps and safety measures indicates a careful approach to maintaining critical energy links while addressing the asset’s vulnerabilities.
According to Spieker, energy prices are expected to remain above the pre-crisis level for an extended period. He suggested that prices are unlikely to fall back to those levels in the near term, given ongoing geopolitical tensions and the broader market dynamics affecting supply and demand.
In 2022, European gas prices surged, reaching more than five times their previous values and peaking near $3.9 thousand per 1,000 cubic meters. Concurrently, Brent crude oil prices climbed from around $50 to about $120 per barrel. The price surge was driven by sanctions on Russia and constraints in energy supply to Europe, underscoring the region’s energy security challenges.
Earlier statements discussed the longevity of oil as a principal global energy source, reflecting ongoing debates about energy mix, transition timelines, and the balance between traditional fuels and emerging alternatives in a rapidly changing market.