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Gas price in Europe surpasses $2,800 per 1,000 cubic meters first since early March

It is noted that the increase in the gas price since the beginning of trading almost totals 13%

© AP Photo/Mindaugas Kulbis

MOSCOW, August 22. /TASS/. The price of gas in Europe rose above $2,800 per 1,000 cubic meters during Monday trading for the first time since early March, extending gains amid reports on suspension of supplies via Nord Stream for three days starting August 31 due to repair works, according to data provided by London’s ICE.

The price of gas futures for September delivery at the TTF hub in the Netherlands went up to $2,862 per 1,000 cubic meters, or 275.965 euro per MWh (on the basis of the current euro exchange rate against the dollar, prices at ICE are in euro per MWh).

The increase in the gas price since the beginning of trading almost totals 13%.

Last week Gazprom said gas supplies via Nord Stream would be completely stopped from August 31 to September 2 due to the repair of the only gas compressor unit remaining in operation. Upon completion of works and the absence of technical malfunctions of the unit, gas supplies will be resumed at the volume of 33 mln cubic meters per day.

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.

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