The price of natural gas rose by 5.2 percent this morning to 291 euros per megawatt hour. Russia’s Gazprom will suspend gas supply through the Nord Stream pipeline for three days from August 31 for maintenance. However, there are fears that the management will be out of action for longer than announced, further jeopardizing European supplies.
Gazprom has been pumping only about one fifth of its maximum gas capacity through Nord Stream for weeks. European policymakers say the lower deliveries are politically motivated in response to European sanctions against Russia for its invasion of Ukraine.
Over the weekend, German politicians warned of difficulties with gas supplies. The German government is therefore counting on a 20 percent decrease in consumption. Yesterday, Belgian Prime Minister Alexander De Croo also warned: not only will the coming months be challenging, according to him, “the next five to ten winters will be difficult”, he said.
On the Dutch futures market, the reference in Europe, the price of natural gas rose on Monday to 276.75 euros per megawatt hour. That was about 13 percent more than Friday night. Prices are now about 15 times higher than average around this time of year. Electricity prices also rose sharply.