'We have a responsibility:' Trudeau urges global leaders to support pact for future
Prime Minister Justin Trudeau is telling world leaders to either bury their heads in the sand or put differences aside for the sake of future generations.
Russian natural gas deliveries through a key pipeline to Europe will drop by around 40% this year, state-controlled energy giant Gazprom said Tuesday, after Canadian sanctions over the war in Ukraine prevented German partner Siemens Energy from delivering overhauled equipment.
Germany's utility network agency said it did not see gas supplies as endangered and that reduced flows through the Nord Stream 1 pipeline under the Baltic Sea aligned with commercial behavior and Russia's previously announced cutoff of gas to Denmark and the Netherlands, the German news agency dpa reported. The Federal Network Agency said it was monitoring the situation.
Spot gas prices rose in Europe, a sign of jitters over possible further effects of the war on supplies of Russian gas, which powers industry and generates electricity on the continent.
The European Union has outlined plans to reduce dependence on Russian gas by two-thirds by year's end. Economists say a complete cutoff would deal a severe blow to the economy, consumers and gas-intensive industries.
High energy prices are already contributing to record inflation of 8.1% in the 19 countries that use the euro.
Gas demand has fallen after the end of the winter heating season, but European utilities are racing to refill storage ahead of next winter with prices high and supplies uncertain.
"Gas supplies to the Nord Stream gas pipeline can currently be provided in the amount of up to 100 million cubic meters per day (compared to) the planned volume of 167 million cubic meters per day," Gazprom said in a statement.
It did not provide a timeline for the planned drop in gas flows.
Siemens Energy said a gas turbine that powers a compressor station on the pipeline had been in service for more than 10 years and had been taken to Montreal for a scheduled overhaul. But because of sanctions imposed by Canada, the company has been unable to return the equipment to the customer, Gazprom.
"Against this background we informed the Canadian and German government and are working on a sustainable solution," Siemens Energy said in a statement.
Also Tuesday, the German government said it is making an emergency loan to a former subsidiary of Gazprom to prevent it from bankruptcy and safeguard the nation's gas supply.
Germany put a government agency in charge of Gazprom Germania in April, saying the move was temporary to bring "order to the conditions" at the company after the Kremlin-controlled parent company cut ties with its subsidiary.
Gazprom Germania, which plays a central role in the trade, transport and storage of natural gas in Germany and neighboring countries, was subsequently slapped with sanctions by Russia in a tit-for-tat move for Western sanctions over Ukraine.
Dpa quoted unnamed government officials saying the loan would be between 9 and 10 billion euros ($9.4 billion to $10.4 billion).
The government said the loan would "avert a bankruptcy and prevent a cascade effect on the market."
"The money will serve to shore up liquidity and procure replacement gas," it said in a statement.
The government added that Gazprom Germany also would be renamed Securing Energy for Europe GmbH, or SEFE, as a "clear signal to the market that the goal of the measures taken is to ensure the energy supply in Germany and Europe."
Prime Minister Justin Trudeau is telling world leaders to either bury their heads in the sand or put differences aside for the sake of future generations.
An Edmonton man says he was in the wrong place at the wrong time when he was injured by members of the Edmonton Police Service last year.
Luis Armando Albino was six years old in 1951 when he was abducted while playing at an Oakland, Calif., park. Now, more than seven decades later, Albino has been found thanks to help from an online ancestry test, old photos and newspaper clippings.
The head of the Air Canada pilots union says she'll step down if members opt not to approve a tentative deal with the airline, raising the stakes as aviators mull whether to accept hefty salary gains or drive an even harder bargain.
The brother of a 27-year-old man who was fatally shot in Scarborough over the weekend has been arrested and charged in connection with his death, say police.
Unifor says workers at General Motors' CAMI assembly plant and battery facility in southwestern Ontario have ratified a new collective agreement.
Comedian John Mulaney and actor Olivia Munn now have a second child, a daughter named Mei June Mulaney.
Kate, the Princess of Wales, made her first public appearance Sunday since she announced she had completed chemotherapy and would return to some public duties.
At least two students at Gettysburg College in Pennsylvania have been suspended from the swim team after a report that a racial slur was scratched onto a student's body, officials said.
Cole Haas is more than just an avid fan of the F.W. Johnson Wildcats football team. He's a fixture on the sidelines, a source of encouragement, and a beloved member of the team.
Getting a photograph of a rainbow? Common. Getting a photo of a lightning strike? Rare. Getting a photo of both at the same time? Extremely rare, but it happened to a Manitoba photographer this week.
An anonymous business owner paid off the mortgage for a New Brunswick not-for-profit.
They say a dog is a man’s best friend. In the case of Darren Cropper, from Bonfield, Ont., his three-year-old Siberian husky and golden retriever mix named Bear literally saved his life.
A growing group of brides and wedding photographers from across the province say they have been taken for tens of thousands of dollars by a Barrie, Ont. wedding photographer.
Paleontologists from the Royal B.C. Museum have uncovered "a trove of extraordinary fossils" high in the mountains of northern B.C., the museum announced Thursday.
The search for a missing ancient 28-year-old chocolate donkey ended with a tragic discovery Wednesday.
The Royal Canadian Mounted Police is celebrating an important milestone in the organization's history: 50 years since the first women joined the force.
It's been a whirlwind of joyful events for a northern Ontario couple who just welcomed a baby into their family and won the $70 million Lotto Max jackpot last month.