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Gas Prices In Europe Rise To More Than $2,450 Per Thousand Cubic Meters

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The price of gas in Europe rose above $2,450 per 1,000 cubic meters for the first time since 8 March, according to data from the London-based ICE exchange.

Gas for September delivery was contracted at the Dutch TTF hub at a price of $2,464 per thousand cubic meters, or €234.5 per megawatt-hour (MWh), at the current dollar-to-euro exchange rate.

The Severni Tok 1 gas pipeline, which transports gas from Russia to Europe, has been operating since July 27 with about 20 percent capacity due to the shutdown of two gas turbines. One of the turbines is located in Germany, where it was delivered after the overhaul carried out by Siemens Energy in Canada, and Gazprom announced on July 25 that due to engine repair, it was forced to shut down the second turbine at the Portovaya compressor station. Consequently, only one turbine is now operational.

In addition, Ukraine’s gas transmission system operator has suspended gas transit to Europe via the Sohranovka station since May 11, citing force majeure. As a result, Gazprom delivers gas to Europe via Ukraine only through the Suja gas pumping station, as the Ukrainian side rejects requests to pump via Sohranovka, according to TASS.

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The Russian gas giant Gazprom announced that it does not rule out the scenario according to which gas prices in Europe could exceed the level of $4,000 per 1,000 cubic meters during the winter, reports the TASS agency.

“We note that on the spot markets in Europe, gas prices have already exceeded the level of $2,500. According to conservative estimates, if this trend continues, prices will exceed $4,000 for 1,000 cubic meters in the winter,” Gazprom said in a statement.

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