Due to the interruption of supplies from Russia, the price of gas in Europe increased by 20 percent | iRADIO

The wholesale price of gas for the European market is increasing significantly, thus reacting 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 virtual trading hub Title Transfer Facility in the Netherlands gained about 30 percent in the morning. Later, its growth moderated, around 08:30 CET it showed an increase of about 20 percent to 257 euros (about 6,300 crowns) per megawatt hour.



Amsterdam
9:45 a.m September 5, 2022

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Uncertainty over supplies from Russia raises concerns about gas shortages in Europe in the winter months (illustrative photo) | Photo: René Volfík | Source: iROZHLAS.cz

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.


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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.

Uncertainty over supplies from Russia raises concerns about gas shortages in Europe in the winter months. This pushes up European gas and electricity prices. The European Union is now considering various measures in an attempt to limit the growth of energy costs, which has negative effects on the EU economy and the living standards of the population.

A year ago, the wholesale price of gas in Europe was just under 30 euros, and two years ago it was around 15 euros per MWh. It started to increase already last autumn, according to some analysts, it was a reaction to the energy policy of the European Union, which is pushing for a rapid shift away from fossil fuels without an adequate solution. Another noticeable increase in prices occurred after the invasion of Russian troops into Ukraine in February this year.

CTK

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