EU Gas Prices Increase by 30% as Russia Close Main Gas Pipeline

Business Power & Energy

European gas prices have increased as much as 30 percent higher after Russia said one of the country’s main supply pipelines to Europe will shut indefinitely, raising convers about the shortage and gas rationing in the European Union.

The gas price is increased as high as 272 euros per MWh when the market opened after Russia said that a leak in the Nord Stream 1 pipeline equipment meant that it will stay closed beyond the three-day maintenance pause.

Europe has accused Russia of weaponising the energy supplies in retaliation for the Western sanctions imposed on Russia over the invasion of Ukraine. Russia also says that, the Western sanctions has launched an economic war, and the sanctions have hampered the pipeline operations.

The Nord Stream pipeline, which runs under the Baltic Sea to Germany, and has historically supplied around a third of the gas that Russia has exported to Europe but it was already running at 20 percent of capacity before the gas flows were stopped for maintenance.

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The Russian gas being supplied through Ukraine has also been decreased, and leaving the European Union racing to find the alternative supplies to refill gas storage facilities for coming winter. Many states have also triggered the emergency plans that can lead to energy rationing, and also raising prospects for a potential recession.

Sandy

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