2022-10-05 13:05:00
RUSSIAN GAS TO ITALY
BLOOMBERG - Oct 5, 2022 - Russian gas supplies to Italy via Austria resumed, bringing some temporary relief to gas prices in Europe.
Gazprom PJSC said it has found a solution with Italian buyers to overcome the regulatory changes in Austria at the end of September that were preventing transit flows, according to a company statement on Telegram. Benchmark gas futures fell as much as 4.7% after the news.
The spat with the Austrian authorities is the latest in a series of disputes over regulation and contractual clauses that have been used by Gazprom as a way to limit Russian gas supplies to Europe. Earlier this year, the Kremlin demanded so-called “unfriendly states” must pay for pipeline gas in rubles and halted gas deliveries to nations that refused. Another step was to gradually shut down the Nord Stream pipeline for maintenance to its turbines, saying that sanctions and paperwork were holding the process up.
Gas supplies to Italy through a pipeline that passes through Austria were halted on Saturday, just days after an attack was carried out on the Nord Stream gas pipelines causing huge gas leaks into the Baltic Sea near Denmark and Sweden. There has been some wariness over Russia’s next move after the act was declared to be sabotage by several nations including Germany.
Italy’s energy giant Eni SpA confirmed the resumption of gas flows on Wednesday, saying the issue had been resolved, in a company statement. Austrian regulator E-Control said a solution appeared to have been found.
The halt to transit flows was caused by Gazprom not paying a guarantee to the Austrian operator for gas passing to Italy, Claudio Descalzi, chief executive officer, of Eni SpA said at an event on October 3.
European gas prices fell as low as 154.28 euros ($153.33) a megawatt-hour on Wednesday and were down 3% at 158.35 euros as of 10:33 a.m. Vienna time.
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Earlier:
2022, October, 4, 14:25:00
NO RUSSIAN GAS TO ITALY
The halt in deliveries to Italy is the latest disruption to Russian gas flows to Europe after supplies were already halted via the Yamal-Europe and Nord Stream pipelines earlier this year and deliveries via Ukraine sharply curtailed.
2022, September, 30, 09:50:00
EUROPEAN ENERGY DEFICIT
"On the price cap, there is nothing near a consensus," a diplomat from one EU country said.
2022, September, 30, 09:45:00
EUROPEAN ENERGY CRISIS: DEEPER
The 27-nation bloc has already agreed on a voluntary target to cut gas consumption by 15% after Russia, its biggest supplier, cut shipments following the invasion of Ukraine. Still, more action is needed to contain the energy crunch that’s fueling inflation and risks recession.
2022, September, 29, 13:50:00
EUROPE NEED ENERGY SECURITY
Despite the fact neither Nord Stream nor Nord Stream 2 were flowing gas to Europe at the time of the incidents, gas prices rose as much as 9% in early trading Sept. 27.
2022, September, 28, 12:30:00
NORD STREAM WAS DAMAGED
The currently out-of-action Nord Stream pipeline system was damaged, with Germany saying it suspected it was an act of sabotage.
2022, September, 9, 14:25:00
RUSSIAN GAS PRICES: NO LIMITS
Germany doesn’t support a price cap on Russia gas because some countries are still dependent on those supplies, Economy Minister Robert Habeck told reporters in Brussels.
2022, September, 6, 13:45:00
RUSSIAN NORD STREAM: ZERO
Russian flows of gas via the Nord Stream 1 pipeline, which runs under the Baltic Sea to Germany, remained at zero on Tuesday after Russia scrapped a Saturday deadline to resume flows following maintenance.
