Russian gas giant Gazprom said on Tuesday that the price of natural gas in Europe could rise by 60% to more than $4,000 per 1,000 cubic meters this winter as the company’s exports and output continue to fall due to Western sanctions. Reuters.
Gas flows from Russia, a major supplier to Europe, have fallen this year after the route was shut down when Moscow sent troops into Ukraine in February and after sanctions fueled a dispute over equipment for the Nord Stream 1 gas pipeline. as a result, gas prices have increased.
“European spot gas prices have reached $2,500 (per 1,000 cubic meters). According to some estimates, if this trend continues, prices will exceed $4,000 per 1,000 cubic meters this winter,” he said at the Gazprom company.
In the spring, wholesale gas prices in the Netherlands reached an all-time high of almost €335 per megawatt-hour (MWh).
They have since fallen to around €226 per MWh on Tuesday, but remain much higher than a year ago, when they were around €46 per MWh.
Kyiv closed one of Gazprom’s routes for exports to Europe, and Gazprom cut supplies to Germany by just 20 percent of the capacity of its Nord Stream 1 gas pipeline over an equipment dispute.
In general, Gazprom’s gas exports from January 1 to August 15, 2022 fell by 36.2% to 78.5 billion cubic meters, and production fell by 13.2% to 274.8 billion cubic meters compared to last year, according to the press release Gazprom company release.
—
Follow the latest events of the 174th day of the war in Ukraine LIVETEXT on HOTNEWS.RO.
Source: Hot News RU
James Springer is a renowned author and opinion writer, known for his bold and thought-provoking articles on a wide range of topics. He currently works as a writer at 247 news reel, where he uses his unique voice and sharp wit to offer fresh perspectives on current events. His articles are widely read and shared and has earned him a reputation as a talented and insightful writer.