By Tuesday afternoon, the price for a megawatt hour for delivery in August had risen by 13.3 percent to around EUR 200.00. This is the futures contract TTF for Dutch natural gas, which is regarded as a trend-setter for the European natural gas market.
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Natural gas prices in Europe had already risen significantly the day before. The reason was the announcement by the Russian natural gas company GAZPROM that it would further reduce the gas flow through the Nord Stream 1 Baltic Sea pipeline from 40 to 20 percent of capacity from Wednesday. Since the Ukraine war and severe sanctions, mainly by western countries, the danger of a natural gas stop from Russia has increased. This would hit the European economy hard, since many countries are heavily dependent on Russian gas supplies. The price has increased by around 24 percent since Monday.
The EU countries agreed on Tuesday on an emergency plan to curb gas consumption. The necessary majority was obtained at a meeting of energy ministers in Brussels, as confirmed by the Czech Council Presidency. The plan is primarily intended to reduce the risks that would arise if Russian gas supplies were completely disrupted. The agreement reached at a special meeting of energy ministers provides for a voluntary reduction in national consumption by 15 percent between August 1, 2022 and March 31, 2023.
/jsl/he
AMSTERDAM (dpa-AFX)
More news about the price of natural gas – Natural Gas
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