icon bookmark-bicon bookmarkicon cameraicon checkicon chevron downicon chevron lefticon chevron righticon chevron upicon closeicon v-compressicon downloadicon editicon v-expandicon fbicon fileicon filtericon flag ruicon full chevron downicon full chevron lefticon full chevron righticon full chevron upicon gpicon insicon mailicon moveicon-musicicon mutedicon nomutedicon okicon v-pauseicon v-playicon searchicon shareicon sign inicon sign upicon stepbackicon stepforicon swipe downicon tagicon tagsicon tgicon trashicon twicon vkicon yticon wticon fm
24 Aug, 2022 16:47

European gas prices spike

Costs have soared to the highest point since March
European gas prices spike

Natural gas spot prices in Europe have continued to surge, jumping 16% during Wednesday’s trading as fears of an energy crisis on the continent grow.

The cost of September futures on the TTF hub in the Netherlands rose to €302 per megawatt hour, or $3,113 per thousand cubic meters, according to data from London’s Intercontinental Exchange. It is the highest price for natural gas on the European spot market since March 8.

The price rally started late last week, after Gazprom announced that the only operational turbine on the Nord Stream 1 pipeline will be shut down for repairs starting on August 31, with gas transit through the pipeline completely suspended until September 2.

The prospect of a shutdown of the key supply route to Europe comes as the continent attempts to fill gas storage facilities ahead of the heating season. The unscheduled maintenance work exacerbates both the risk of a recession and a winter energy shortage in the EU.

For more stories on economy & finance visit RT's business section

Podcasts
0:00
28:10
0:00
29:6