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February 3, 2023

GAS COST ESCALATES IN EUROPE

Read Time:1 Minute, 5 Second

Kuni .G. Isaac

The megawatt hour price of natural gas, which was traded at 94.01 euros in Europe yesterday, increased by 13.5% to 106.71 euros.

The gas contract price for June, traded at TTF, the Netherlands -based virtual natural gas trading point with the deepest depth in Europe, opened today at 100 euros per megawatt hour.

Prices sprung up by 13.5% to 106.71 euros per megawatt-hour likened to the closing date at 10:28 am Turkey time.

The increase in natural gas prices was due to Ukraine’s declaration that the Russian gas flow from the natural gas distribution point, Sohranovka, was stopped.

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Ukraine’s state-owned grid operator also announced that it is blocking gas transport through the border compressor station Novopskov, where almost a third of the gas is transported from Russia to Europe.

Sohranovka and Novopskov are located in the Russian-occupied parts of Ukraine.

In addition, the Russian energy company Gazprom’s statement yesterday that the amount of natural gas to be sent to Europe via Ukraine decreased by 25 percent compared to the previous day, was also effective in the rise in prices.

Gazprom reported on May 11 that 72 million cubic meters of natural gas were shipped via Ukraine.

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