Soaring gas prices in Europe

Gas prices in Europe hit a new record high on Monday. Amsterdam’s benchmark gas contracts (ICE Entawex Dutch TTF) are priced 13 percent higher. – for a record EUR 275.97 per MWh – brokers say.

The Russian energy giant Gazprom announced on Friday the three-day closure of the entire Nord Stream 1 gas pipeline. From August 31 to September 2, gas will not flow to Germany, according to a Gazprom announcement.

Gas supplies via the NS 1 pipeline from Russia to Germany have been significantly reduced since June. Recently, they were 20 percent. Nord Stream’s capacity 1. European officials say these restrictions are politically motivated.

The authorities of European countries have repeatedly warned against the possibility of completely cutting off Russian gas supplies to the region, as the authorities in the Kremlin are taking revenge for Western sanctions imposed on Russia’s invasion of Ukraine.

Germany, the largest “consumer” of gas in Europe, is looking for alternative energy sources, but is unlikely to replace all Russian imports. Hence the proposal to extend the operation of nuclear power plants, which would mean a turnaround in German energy policy.

Authorities in Germany renew their calls for energy savings. “A very critical winter awaits us,” said German Economy Minister Robert Habeck to the ZDF station. “We can expect Putin to continue reducing gas supplies,” he added. (PAP Biznes)

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