Gas price continues to rise after worries about stocks | Financial

On the European stock exchange in Amsterdam, gas became more than 5% more expensive at €135 per megawatt hour. Last week the gas price already rose 9%. The Russian state gas company Gazprom announced two weeks ago that it would further reduce deliveries to Germany. Only about 40% of the normal volume is supplied via Nord Stream 1, Germany’s most important pipeline for Russian gas.

Because parties are struggling to find a replacement for Russian gas, stock levels in Europe fell 1% last Saturday. The situation threatens to deteriorate further as the Nord Stream pipeline will be completely shut down by Russia next month for maintenance.

Warning Germany

German Economy Minister Robert Habeck has already warned that it is not certain that Russia will resume gas deliveries through the pipeline after maintenance works. Further price increases and rationing of gas this winter are therefore on the horizon. In Germany, the second phase of the three-part emergency plan for gas supplies in the country has already started and Berlin will use more coal-fired power stations to replace gas.

Full replenishment of gas supplies is essential for Europe to survive the winter when gas demand peaks. According to diplomats, EU energy ministers will discuss plans for gas supplies for next winter during a meeting in Luxembourg on Monday. The European Commission aims to present a proposal in July on how the economic bloc can also reduce demand for gas.

The emergency scenario in the gas crisis is getting closer, says Martin Visser in a new episode of the podcast Kwestie van Centen:

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