The stock exchange price of gas in the EU today breaks the historical price record, when in the morning it rose to 155 euros per megawatt-hour. The immediate reason is that the Jamal gas pipeline completely stopped flowing to the German terminal Mallnow.
The pipeline, which runs gas from Russia through Belarus and Poland, provides about a fifth of Russia’s land gas supplies to the EU.
Disruption of Russian supplies comes at the worst possible time. In Europe it blows little, so the production of electricity from the windmills lags noticeably. In addition, the weather is relatively cold, which of course intensifies the demand for energy. In addition, France is temporarily shutting down two nuclear power plants, a tenth of its nuclear power generation capacity, after an inspection revealed corrosion of several reactors. According to the plan, Germany will definitively decommission three of its nuclear power plants by the end of the year.
Europe is threatened by a series of blackouts, warns expert
A series of blackouts threatens Europe in the winter, warns Jeremy Weir, head of Trafigura. It is one of the largest independent traders in raw materials in the world.
Europe is experiencing a sharp rise in natural gas prices this year. In this context, Moscow has been accused of trying to force Germany and the European Union to approve the operation of the Nord Stream 2 gas pipeline by restricting gas supplies. Russia rejects such allegations and points to factors that contribute significantly to rising gas prices. In addition to high demand, there is also an increase in the prices of liquefied natural gas (LNG), which Europe imports from non-European areas.
Especially if frosts hit the EU in the coming weeks, blackouts or the need to cut off electricity supplies to businesses and households in series, region by region, cannot be ruled out. For example, Jeremy Weir, CEO of Trafigura, the world’s largest independent trader in raw materials, warns against this.
At the bottom of the Baltic is done, but gas from Russia will not flow through the missing stamps
The German regulator of the Nord Stream 2 gas pipeline project will not grant a permit for operation now. It requires the operator to first adjust its business structure under German law. Even if the Federal Network Agency gives the project the green light, it may take another four months for the European Commission to comment, the DPA agency said.
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