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Natural gas prices reach record levels in Europe – Latest News

Natural gas prices reach record levels in EuropePhoto: Reuters

October 01, 2021 – 19:43

Natural gas prices hit new records in Europe on October 1, raising concerns for consumers on the eve of the cold season.

It also raises attention to Europe’s largest supplier of natural gas, Russia.

Gas prices have risen for several weeks now, as have warnings to domestic and industrial consumers in Europe about more expensive bills.

On October 1, the gas price for November, at the Dutch center TTF, a benchmark in Europe, reached an all-time high of 97.73 euros per megawatt hour (MWh).

That figure represents a 400 percent increase this year.

Analysts have cited a combination of factors that have contributed to the rise in prices, including gas deliveries to Asian markets, technical repairs that have damaged shipments from Norway, and colder-than-normal temperatures at the end of last winter that have contributed to the decline. of reserves.

But some experts also point the finger at Russia’s state-owned gas giant, Gazprom, which is Europe’s main gas supplier.

Last month, a group of European Parliament lawmakers urged the European Commission to investigate Gazprom.

The Kremlin has said that Gazprom is implementing all points of the contract.

Gazprom is nearing completion of its second pipeline project, North Stream 2, which will increase the amount of Russian gas shipped to Germany.

German regulators are analyzing the final details before giving the green light to start work.

Gas from Russia to Germany will pass through Ukraine.

Kiev has complained about this, saying Russia could use gas supplies as a political tool, something that has happened in the past. / REL

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