2022-06-23 12:10:00
EUROPEAN GAS PRICES GROWTH
BLOOMBERG- June 23, 2022 - European natural gas prices rose as Germany plans to trigger the second stage of the country’s gas-emergency plan amid a reduction in Russian supplies.
German Economy Minister Robert Habeck will enact the “alarm” phase of the plan when he speaks at 10 a.m. local time Thursday on energy and supply security. He warned Wednesday of further supply cuts in Russian gas after deliveries were slashed on the key Nord Stream to pipeline to Europe.
The Russian supply curbs, which Germany has called political, has crimped flows to buyers across Europe just as nations stockpile gas for the heating season and further heightened the risk of energy shortages this winter. The Nord Stream pipeline to Germany is operating at about 40% of capacity after flows were cut last week in a move Russian gas exporter Gazprom PJSC blamed on a technical problem.
The second stage of Germany’s emergency gas plan could mean a change in the law to allow energy companies to pass on cost increases to homes and businesses. It may also involve firing up more coal-fired power plants to minimize gas consumption.
Amid the escalating gas crisis, Italy and Greece plan to once again call for the need to cap natural gas prices, as energy costs are on the rise.
Dutch front-month gas futures, the European benchmark, gained 3% to 131 euros per megawatt-hour after slipping 1.3% at the open. Prices have climbed more than 50% since the Nord Stream flows were curtailed.
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Earlier:
2022, June, 22, 09:55:00
GERMANY'S GAS RECESSION
The EU relied on Russia for as much as 40% of its gas needs before the war - rising to 55% for Germany - leaving a huge gap to fill in an already tight global gas market.
2022, June, 22, 09:50:00
GERMANY NEED COAL
The plan includes increased reliance on coal-fired generation, an auction system to incentivise lower consumption in industry and €15bn in credit lines via the state-owned investment and development bank KfW for the country's gas market operators to fill gas storage facilities faster.
2022, June, 20, 12:20:00
EUROPEAN GAS PRICES RISE
Supply is likely to remain curbed with Gazprom PJSC’s chief Alexey Miller warning there’s no solution for now for issues with the gas turbines essential for the functioning of the pipeline.
2022, June, 17, 13:35:00
EUROPE WITHOUT RUSSIAN GAS
In the worst-case scenario where the Nord Stream pipeline to Germany is shut totally, Europe will fail to reach storage levels the European Union has ordered by the start of the heating season in November. And the region could run out of stocks completely by January.
2022, June, 17, 13:30:00
EUROPEAN GAS PRICES UP AGAIN
Eni SpA will receive just half of its requested gas volumes from Russia’s Gazprom PJSC on Friday, compared with about two-thirds the previous day.
2022, June, 16, 12:35:00
EUROPEAN GAS PRICES UP ANEW
European nations have for months feared Russian supply cuts in retaliation for sanctions aimed at Moscow for its invasion of Ukraine.
2022, June, 14, 11:40:00
EUROPEAN GAS PRICES UP
Russian shipments through the Nord Stream pipeline to Germany are set to swing broadly on Tuesday, nominations show. The link is also scheduled to shut down July 11-21 for seasonal maintenance.
