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Olaf Scholz, Germany’s chancellor, stated on Saturday that the country is prepared to cope with a possible cutoff of natural gas imports from Moscow and is capable of handling the present energy crisis.

“These are grave times in which we live… But we have everything we need. “Be prepared, for instance, for Russia to substantially cut off gas pipelines as a result of the conflict with Ukraine,” Scholz urged in a video message.

“In order to bring in liquefied natural gas, authorities have constructed terminals along the coast of northern Germany. We have been conserving petrol. We yet again are making use of the output potential of power stations that are fueled by coal. If it turns out to be essential, we will have the ability to employ the remaining nuclear power plants in southern Germany commencing at the beginning of the next year…

The chancellor said that “we have brought together a comprehensive help package to enable individuals who cannot easily deal with such financial hardships.”

Since Russia “indefinitely” cut off gas supplies to Germany through the Nord Stream 1 pipelines a week ago, the gas situation in the European Union (EU) has become more severe. The flow of commodities from Russia into Ukraine is continuing, but at a far lower rate than before the crisis.

Concerns have been voiced in Germany over the possibility of a wave of bankruptcy among energy suppliers as a result of fuel shortages. Klaus-Dieter Maubach, the chief executive officer of the German gas supplier Uniper, issued a warning earlier this week that the nation may be forced to implement gas rationing during the winter. Energy restrictions may result in the nation losing as much as 65 percent of its manufacturing capacity, according to estimations provided by Goldman Sachs.

According to the most recent statistics available, the national gas storage areas in Germany are now 85 percent filled. However, Klaus Mueller, the head of Germany’s energy regulator, said a month ago that even a storage capacity of 95% is only sufficient for two months of ordinary demand.

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