Energy news | Increased gas costs in Europe

The price increase is the largest since March.



As concerns about an energy crisis on the continent grow, natural gas spot prices in Europe have risen steadily, rising 16% on Wednesday.


According to information from the London Intercontinental Exchange, the price of September futures on the TTF hub in the Netherlands increased to €302 per megawatt hour or $3,113 per thousand cubic meters. Since March 8, the price for natural gas on the spot market in Europe is the highest.


After Gazprom revealed that the lone functioning turbine on the Nord Stream 1 pipeline will be shut down for maintenance beginning on August 31, with gas transit via the pipeline suspended until September 2, the price rise began late last week.


As Europe works to fill gas storage tanks in advance of the heating season, the possibility of closure of the vital supply line to the continent is present. The unplanned maintenance work increases the danger of EU.


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