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Gas price in Europe reaches around $2,500 per 1,000 cubic meters by end of Thursday

It is noted that the Nord Stream gas pipeline, which supplies gas from Russia to Europe, has been used at about 20% of its maximum capacity since July 27 due to the shutdown of two gas turbines

MOSCOW, August 18. /TASS/. The price of gas in Europe reached around $2,500 per 1,000 cubic meters by the end of Thursday trading, according to data provided by London’s ICE. The total increase in the gas price during the day equaled almost 6%.

The price of gas futures for September delivery at the TTF hub in the Netherlands went up to $2,499 per 1,000 cubic meters, or 239 euro per MWh (on the basis of the current euro exchange rate against the dollar, prices at ICE are in euro per MWh).

The gas price hit its peak level of $2,532 on Thursday.

Earlier this week, the spot price of gas in Europe exceeded $2,600 per 1,000 cubic meters on London’s ICE for the first time since early March. In its turn, Gazprom did not rule out gas prices in Europe would climb above record $4,000 per 1,000 cubic meters in the winter.

Gas exports to non-CIS countries went down by 36.2% to 78.5 bln cubic meters in 7.5 months of 2022, according to the gas producer.

The Nord Stream gas pipeline, which supplies gas from Russia to Europe, has been used at about 20% of its maximum capacity since July 27 due to the shutdown of two gas turbines. One of them, built in Canada by Siemens Energy, was sent to Montreal for repairs. Due to Ottawa’s sanctions against Russia, the manufacturer initially refused to return the repaired turbine to Germany, but after numerous requests from Berlin, the company decided to do it. On July 25, Gazprom announced the forced shutdown of another gas turbine engine at the Portovaya compressor station. Consequently, only one turbine remains in working condition now.

Moreover, the Gas Transmission System Operator of Ukraine has suspended the transit of gas to Europe via the Sokhranovka station since May 11 due to force majeure. As a result, Gazprom supplies gas for Europe through Ukraine via the Sudzha gas pumping station, while requests for pumping via Sokhranovka are rejected by the Ukrainian side.