Again: Nabucco is not viable without Russian gas. Full stop. But the fiction that it might be is alive and well.

Can't you fill Nabucco with Azeri or Iranian gas? Or Turkmen gas, when/if that export pipeline to Russia exports at full capacity and a new could be built across the Caspian?

It is a strange kind of capitalism that takes pension contributions from people and invests them in an agency of a foreign power quoted on the LSE, despite the risk that pensioners will freeze because the foreign power delivers on threats to turn off the gas taps.

As I've remarked before, nuclear power plants seems to be the perfect investment for pension funds and pension schemes. Very long time horizons, steady returns, large capital requirement... a marriage made in heaven.

Peak oil is not an energy crisis. It is a liquid fuel crisis.