Scene One
Three water nymphs (Rhine Maidens) guard magical gold in the depths of the Rhine. Alberich, a Nibelung dwarf, sees the gold and lewdly flirts with the Rhine Maidens in a failed attempt to get the gold. When they spurn his advances, he steals the gold and renounces love to claim the gold’s power, forging a ring that will give him dominion over the world.
Scene Two
Wotan, the ruler of the gods, has hired the giants Fasolt and Fafner to build a mountaintop castle for the gods and has promised his sister-in-law, Freia, as payment for their work. Because of this, his wife, Fricka, is furious with him. He has sent his helper, Loge, the god of fire, to find an alternative payment to offer the giants. Loge returns to report that he has searched the world over but has found only one being who would choose wealth and power over love—the dwarf Alberich. Loge’s description of the ring and the riches Alberich has accumulated convinces the giants to accept this treasure in payment. They hold Freia as collateral until Wotan and Loge return with the gold.
Scene Three
Wotan and Loge descend to Nibelheim. Through the power of the ring, Alberich enslaves his brother Mime and all the Nibelungs. He has forced his Mime to make him the Tarnhelm, a magic helmet that allows him to shapeshift. Loge cleverly flatters Alberich and then tricks him into demonstrating the Tarnhelm. When Alberich turns himself into a toad, Wotan and Loge capture him and take him back to the mountaintop.
Scene Four
Wotan and Loge demand that Alberich give up his treasure to obtain his freedom. He attempts to keep the ring, knowing its power will allow him to gain a fortune once more. Wotan tears the ring from Alberich’s hand, lusting for its wealth and power. Alberich puts his curse on the ring: it will bring only death and destruction to whoever wears it until it is back in his possession. Fasolt and Fafner return with Freia to claim their payment. Fasolt, reluctant to give up Freia, asks that the gold be piled up high enough to hide her from his sight. The giants demand the ring as well, but Wotan refuses. Erda, the earth goddess, appears and warns Wotan to heed the ring’s curse, telling him it will bring the end of the gods. Wotan gives up the ring. The giants begin dividing the treasure, and in a quarrel over the ring, Fafner kills Fasolt. Wotan realizes the power of Alberich’s curse. Loge forecasts a fiery end to the gods. As the Rhine Maidens mourn the loss of their gold, the gods enter their new home, Valhalla.
The surtitle translations for this production are provided with permission from The Annotated Ring Cycle: The Rhine Gold by Frederick Paul Walter.