In Britain, the wholesale price of gas in daily futures rose by 133 percent on Monday morning.
5.9. 14:05•Updated 5.9. 14:43
Wholesale gas prices rose both in the UK and in continental Europe after the start of trading on Monday.
Last week’s price reduction ended when, after the market closed on Friday evening, the Russian energy giant Gazprom said that it was not going to open the Nord Stream 1 pipeline, which was under maintenance, for gas transport for the time being.
In Britain, the daily gas future, or the price at which contracted gas is available for the next day, jumped 133 percent. In the Netherlands, the price rose by 29 percent.
– It is clear that the price will rise a lot on Monday. The question is how much and for how long and to what extent the market has already priced into the situation in advance, said the analysts of the Danish company Energi Danmark in their release.
The analysts of the Swedish SEB bank refrain from their previous estimates that the supply of Russian gas to Europe through the winter will be 10-20 percent lower than the normal capacity.
The Kremlin explains with sanctions, forgets its war
On Monday, the Kremlin repeated its view that the rise in energy prices is due to the sanctions imposed on Russia. The Kremlin forgets to mention that the sanctions are due to Russia’s war of aggression in Ukraine.
The spokesperson of the EU Commission stated on Monday that Russia is using energy as a weapon.
This is what the Kremlin spokesperson heard Dmitry Peskov in the speeches, when he put the blame for the energy crisis solely on Europe’s shoulders.
– The West is collectively to blame for the situation, Peskov said.
Strategy Director Warren Patterson The ING financial company estimated to Reuters that Europe will not receive nearly a billion cubic meters of natural gas per month due to the closure of the Nord Stream 1 pipeline.
Russia’s actions have also increased nervousness about what will happen to gas transportation through Ukraine and Turkey.
– It is clear that the more Russia reduces the supply of gas to Europe, the less pressure it has on Europe, Patterson points out.
Germany: the electricity price brake is being negotiated
A spokesman for the German Ministry of Energy said on Monday that the EU plans to discuss the electricity price brake on Friday.
Germany plans to collect so-called windfall profits from energy companies to finance its 65 billion euro energy crisis program.
Krebber, the director of the German RWE energy company, admits that this can work for a limited time, but it should not stifle the companies’ investment opportunities.
The spokesperson for the German government, on the other hand, said that the price of the energy crisis package may eventually rise to 65 billion euros higher than announced.