Europe’s gas price rises as Russia cuts Nord Stream’s power – Times of India


MOSCOW: The supply of Russian natural gas through a major pipeline to Europe will fall by about 40% this year, state-controlled energy giant Gazprom said on Tuesday, after Canadian sanctions over the war in Ukraine prevented German partner Siemens Energy from purchasing refurbished equipment. to deliver.
The German utility network agency said it does not view gas supplies as threatened and that reduced flows through the Nord Stream 1 pipeline are in line with Russia’s commercial behavior and previously announced shutdown of gas to Denmark and the Netherlands, the German news agency dpa reported. The Federal Network Agency says it is monitoring the situation.
However, gas prices in Europe rose by double digits on Tuesday, with the gas price on the Dutch TTF hub, the reference gas price for Europe, rising by 13%. High energy prices are already contributing to record inflation of 8.1% in the 19 countries that use the euro.

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