High spot LNG prices are causing end users to look to alternative fuels for their energy needs,

Asked if there are guarantees that Gazprom will restart gas flows via Nord Stream 1, the Kremlin's Peskov said: "There are guarantees that, apart from technological problems caused by sanctions, nothing hinders the supplies."

A three-day halt of the Nord Stream pipeline -- a key source of natural gas for the European Union -- starts on Wednesday, and concerns are widespread that Moscow will find another excuse to clamp down on supplies, putting the region at the mercy of the weather.

Tokyo Gas and Japan's largest power generation company JERA said previously that they have signed new LNG supply agreements on the same terms as previous agreements. Sources said that new contracts were required due to the change of operator.

Energy buyers in Europe have been eagerly anticipating production from Eni SpA’s project in Mozambique’s northern waters to help ease the global gas shortage ahead of the crucial winter heating season.

European natural gas prices on Monday plunged the most since March after Germany said its gas stores are filling up faster than planned.

Europe’s benchmark electricity price has risen to 10 times its decade-long average, in line with a 14-fold increase in the cost of gas, amid fears of shortages this winter.

With Russia squeezing gas deliveries and power-plant outages further sapping supply, pressure is growing on EU leaders to act quickly or risk social unrest and political upheaval.

Bern has been working to build up Switzerland's energy production and storage systems, but even the grand opening next month of a new, powerful pumped-storage hydroelectric plant is unlikely to help avoid problems this winter.

Japan's biggest city gas supplier Tokyo Gas Co Ltd has signed a long-term contract with a new Russian operator of Sakhalin-2 energy project to buy liquefied natural gas (LNG), a spokesperson for the Japanese company said on Tuesday.

Benchmark Dutch front-month futures fell as much as 16%, partly reversing last week’s jump of almost 40%.

While some countries like Germany, where nearly half the homes rely on gas for heating, are more exposed than others, the European Union is seeking to band together.

UK households will pay almost triple the price to heat their homes this winter compared with a year ago, a jarring increase for millions of people already struggling to afford everyday essentials.

UK was facing a “catastrophic winter”, telling the BBC that half of all households could fall into fuel poverty without intervention.

Subsidies, which will be incorporated into power bills, are expected to absorb up to 94% of the rise in monthly power bills for households and 89% of the rise for small and medium-sized firms.