Price of Natural Gas in Europe reached 341 Euros per megawatt hour

The price of natural gas on the Dutch exchange TTF reached 341 euros per megawatt hour yesterday, and electricity supply contracts in Germany and France broke all records. Against this background, the Czech Presidency of the European Union announced that it is preparing an extraordinary meeting of energy ministers.

Contracts for the supply of electricity in 2023 in France and Germany reached historic values, exceeding last year's prices by a factor of 10.

The price of natural gas in Europe is approaching the all-time high it reached immediately after the Russian invasion of Ukraine.

Another increase in the price of the raw material began at the beginning of this week after Gazprom announced at the end of the working day last Friday that it would completely stop the supply of the Nord Stream 1 gas pipeline to Germany from August 31 for three days.

Traders fear the Russian monopolist will not resume supplies after September 2, just as another major supplier, Norway, is cutting its exports to their lowest level this year due to the need for maintenance on its mining facilities.

And while supplies to the EU are drastically reduced, Russia is burning significant amounts of the blue fuel, satellite images from the Portovaya compressor station, which serves Nord Stream 1, show.

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/BNR