Earlier this month, there seemed to be a glimmer of hope with a downward trend, now the world looks very different again. The price of European natural gas in one fell swoop on Tuesday by nearly a fifth to € 208 for a megawatt-hour of gas. Wednesday morning the price goes up a little further.
This came after the Russian state gas company Gazprom threats against its Ukrainian counterpart Naftogaz. The two companies are engaged in a dispute over gas contracts. According to Gazprom, this could lead to Russian sanctions against Naftogaz and endanger the flow of gas from Russia via Ukraine to Europe.
A little Russian gas
The still functioning gas pipeline between Russia and Ukraine represents about half of the Russian gas flows that still go to the European Union. Due to the sanctions, the flow could be largely or even completely interrupted. And this drives up the price of European gas.
However, not much goes through management, says energy expert Jilles van den Beukel. “It’s still about 10 percent of what it was in 2019,” the expert said.
Leaking Pipes: Who Is Behind the Explosions?
The bickering adds to the explosions that took place under the sea on Tuesday at the Nord Stream 1 and 2 pipelines, which are believed to have caused severe damage and losses to the pipelines. The big question now is: who is responsible? For the Danes that is Russia, but Moscow denies it.
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It is clear that this is sabotage, says Van den Beukel about it. And the author shows that this and other important infrastructures can be easily damaged. There are more gas pipes and cables for internet and electricity, for example, at the bottom of the sea.
“It has a psychological warning effect. The general public is now really awake,” says Van den Beukel.
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