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Europe Gas Prices Jump as Gazprom Cuts Nord Stream Flows Further

Europe Gas Prices Jump as Gazprom Cuts Nord Stream Flows Further
Pipework stands on the European Gas Pipeline Link (EUGAL) Radeland 2 compressor station, which accommodates downstream gas flows from the Nord Stream 2 project, in Radeland, Germany, on Tuesday, Sept. 22, 2020. Nord Stream 2, which is designed to carry as much as 55 billion cubic meters of Gazprom PJSC’s gas to the EU every year, is seen by opponents as the Kremlin tightening its energy grip on the region. Photographer: Krisztian Bocsi/Bloomberg
By Bloomberg
25 Jul 2022
0

European gas futures extended gains by more than 10% after Russia’s Gazprom PJSC said it will slash flows via a key pipeline further.

Nord Stream pipeline will be pumping 33 million cubic meters a day, or 20% of capacity, from Wednesday, Gazprom said in a statement. Another turbine for the pipeline is due to be taken out for maintenance, Gazprom said.

Nord Stream flows were already reduced to 40% of capacity since last month as a separate turbine is delayed following repairs in Canada after uncertainty over the impact of sanctions on Russia. President Vladimir Putin warned last week flows could drop to 20% if the turbine issues aren’t been resolved.

European benchmark futures rose as much as 10% to 176 euros a megawatt-hour and were trading at 172.4 at 4:43 pm Amsterdam time.

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