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Gazprom CEO does not rule out new gas price shock, supply disruptions in Europe

According to Alexey Miller, European industry is uncompetitive compared to its US rivals due to the significant difference in gas and electricity prices

ST. PETERSBURG, October 10. /TASS/. Europe's current policy on its gas market and continued deindustrialization can lead to a new gas price shock and supply disruptions, Gazprom CEO Alexey Miller said this during a plenary session of the St. Petersburg International Gas Forum.

"What will happen next? The process of deindustrialization of Europe will continue. Volatility in the gas market will increase even more, and, what is most unpleasant, such a policy and situation in the European gas market can lead to a new gas price shock and supply disruptions. Currently, European industry is uncompetitive compared to its US competitors due to the significant difference in gas and electricity prices," Miller said.

"Let's compare electricity prices and gas prices in the US and the European Union. For similar industries in the US, electricity costs 2-3 times less, and gas costs 4-5 times less. The answer to the question if European industry can be competitive in this case is quite clear. The answer is no, it cannot," Gazprom CEO concluded.

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