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Wednesday, February 28, 2024

The price of gas in Europe continues to rise despite Russia’s efforts to decrease Nord Stream’s output

BusinessThe price of gas in Europe continues to rise despite Russia's efforts to decrease Nord Stream's output

Gazprom, a state-controlled energy giant, announced on Tuesday that natural gas deliveries from Russia to Europe through a key pipeline are expected to decrease by approximately 40 percent this year. This news comes after Canadian sanctions imposed in response to the conflict in Ukraine prevented German partner Siemens Energy from delivering overhauled equipment.

According to a report by the German news agency dpa, the German utility network agency stated that it did not believe that gas supplies were in danger and that reduced flows through the Nord Stream 1 pipeline aligned with both commercial behaviour and Russia’s previously announced cutoff of gas to Denmark and the Netherlands. According to the Federal Network Agency, they are keeping an eye on the issue.

However, on Tuesday, gas prices throughout Europe increased by double digits, with the price of gas at the Dutch TTF hub, which serves as a standard for gas prices across Europe, increasing by 13 percent. The 19 nations that utilise the euro are already experiencing record inflation, which now stands at 8.1%. One of the main contributors to this record is the high cost of energy.

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