Filenews 8 November 2021
European gas and electricity prices rose amid signs that Russia will not go ahead with increasing supplies as promised by President Putin.
Gas futures trading in the Netherlands rose 9.7% as orders through a key Russian pipeline suggest deliveries will remain well below usual on Monday.
Worse still, the gas that was coming this morning was to the east, from Germany to Poland, contrary to the normal direction.
Electricity contracts are also on the upside, amid concerns that there will not be enough fuel to power thermal power plants in the winter.
Europe's largest gas supplier had promised to send more gas to the region from Monday, with Putin ordering Gazprom to fill its European warehouses after the completion of the campaign to store Russian reserves.
Instead, the company stressed that it will not sell fuel through its platform this week and that it has not committed to the weekend's auctions, additional capacity to send more supplies to Europe on Monday.
"It's disappointing because the gas market needs more supplies," an analyst at the Dutch energy RSMM stressed. "If Russia does not increase flows, we may see a further rise in prices."
European gas prices have tripled this year as Russia maintains supply restrictions, while liquefied natural gas shipments are diverted to Asia.
Moscow has repeatedly said it can supply more gas to Europe through the controversial Nord Stream 2, and has put pressure on the continent to approve flows through its 1,200 km pipeline.
European gas futures rose 9.7% and traded 4.8% higher at €77.47 per megawatt hour at noon in Amsterdam.
The December delivery contract for electricity in Germany increased 5.8% to €166.50.
Source: Capital.gr
