Pražská plynárenská has secured a ten-year gas supply agreement with Equinor, the Norwegian state-owned energy company, ensuring a stable source of gas delivered “off the shelf.” the deal, finalized today, November 21, 2024, provides a crucial long-term energy solution for the Czech capital as Europe navigates ongoing geopolitical uncertainties and fluctuating energy markets.
This agreement underscores a strategic shift toward diversified energy sources for the Czech Republic, moving beyond reliance on single suppliers. Pražská plynárenská, whose shareholder is the City of Prague, will benefit from a consistent gas supply, while Equinor reinforces its position as a key energy provider to Central Europe. The contract comes as ČEZ recently completed a separate one-year gas supply agreement with Algeria, continuing a year-long import relationship.
Equinor’s gas will be supplied on standard market terms, offering Pražská plynárenská flexibility in managing its energy portfolio. The deal’s long-term nature provides price stability and security of supply, vital for both the utility and its customers. This move aligns with broader European efforts to reduce dependence on Russian gas and bolster energy independence.
