Energy concerns grow ahead of flow reduction via the Nord Stream 1 pipeline
© Getty Images / Monty Rakusen
The price of natural gas in Europe has climbed to its highest level since March amid fears of a further reduction in Russian supplies. It comes after it was announced that another turbine at the Nord Stream 1 pipeline would be shut down.
On Tuesday, August futures on the TTF trading hub in the Netherlands reached $2,020 per thousand cubic meters or €188.68 ($192.5) per megawatt-hour in household terms.
The increase follows a statement by Gazprom on Monday that a second Siemens turbine at the Nord Stream 1 pipeline will be disabled and overhauled. As a result, supply through the route will not exceed 33 million cubic meters per day from July 27, corresponding to 20% of the pipeline’s capacity. This is a further cut from the reduction to 40% capacity last month that Gazprom said was due to a sanctions-related delay with the return of another turbine from repairs in Canada.
READ MORE:
EU members agree to gas rationing – DPA
European gas prices have nearly tripled this year, having peaked at a historic high of $3,900 per thousand cubic meters in early March after Russia launched a military operation in neighboring Ukraine.
For more stories on economy & finance visit RT’s business section
