INthe wholesale price of gas for the European market is increasing significantly today, in response to the interruption of supplies by the Nord Stream 1 gas pipeline from Russia. The price of the key gas futures contract for October delivery in the Title Transfer Facility (TTF) virtual trading hub in the Netherlands showed an increase of 29 percent to around EUR 277.50 (over CZK 6,800) per megawatt hour (MWh) shortly after 08:00 CEST.
Russian gas company Gazprom announced on Friday evening that maintenance work on the only operational turbine of the Nord Stream 1 gas pipeline had revealed faults. The gas pipeline will therefore remain out of service until they are removed. Nord Stream 1 transports gas from Russia to Germany along the bottom of the Baltic Sea and is the main route for Russian gas supplies to the European Union.
A weak euro
The euro fell to its lowest level in nearly 20 years on Monday, falling below $0.99. The interruption of supplies by the Nord Stream 1 gas pipeline deepened concerns about the European economy. Around 8:00 a.m. CET, the single European currency was down about 0.7 percent and hovering near $0.9880.
Russia’s state-owned gas company Gazprom cut gas supplies through the Nord Stream 1 pipeline on Wednesday. He gave the reason for this due to other maintenance work that was supposed to finish on Saturday morning. But on Friday, Gazprom said that maintenance work revealed an oil leak at the compressor station and that the pipeline would remain out of service as a result.
Nord Stream 1 transports gas from Russia to Germany along the bottom of the Baltic Sea and is the main route for Russian gas supplies to the European Union. The situation surrounding Russian gas supplies became more complicated when Russia launched an attack on Ukraine in February and the European Union enacted a series of anti-Russian sanctions in retaliation.
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