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Gas price in Europe up 12% almost reaching $1,950 per 1,000 cubic meters

On the previous day, Nord Stream AG said a pressure drop had been registered at both lines of the Nord Stream 1 gas pipeline, with the causes being looked into

MOSCOW, September 27. /TASS/. The price of gas in Europe went up by 12% reaching almost $1,950 per 1,000 cubic meters during Tuesday trading, according to data provided by London’s ICE.

The price of gas futures for October delivery at the TTF hub in the Netherlands rose to $1,938 per 1,000 cubic meters, or 194.745 euro per MWh (on the basis of the current euro exchange rate against the dollar, prices at ICE are in euro per MWh).

On the previous day, Nord Stream AG said a pressure drop had been registered at both lines of the Nord Stream 1 gas pipeline, with the causes being looked into. Earlier, a similar problem with a sharp decrease of pressure was reported at another export gas pipeline, Nord Stream 2. The incident occurred overnight into Monday in the Danish exclusive economic zone southeast of the island of Bornholm. Later, the Danish Maritime Authority reported gas leakages not far from Bornholm in the areas where Nord Stream 1 and Nord Stream 2 are situated.

Nord Stream AG said the damage that occurred in one day simultaneously at three lines of offshore pipelines Nord Stream 1 and Nord Stream 2 was unprecedented, with the time of recovery impossible to estimate so far.