Since mid-July, the European natural gas benchmark - Dutch TTF natural gas prices have been rising. As of August 16, local time, the price of TTF natural gas in the Netherlands was as high as 234.50 euros/MWh, once again setting a new record. It is worth noting that a year ago, the price of natural gas in Europe was only 28.80 euros/MWh.
On the same day, Gazprom (hereinafter referred to as "Gazprom") warned that if this trend continues, "according to conservative estimates", European natural gas prices will rise by a further 60% this winter.
Data shows that the price of TTF natural gas in the Netherlands was as high as 234.50 euros/MWh on the 16th.
Gazprom posted a post on the social media Telegram on the 16th, reporting the company’s natural gas production and supply in the first seven and a half months of this year.
According to reports, from January 1 to August 15, 2022, Gazprom produced 274.8 billion cubic meters of natural gas, a decrease of 13.2% (41.7 billion cubic meters) compared with last year; according to order information, Gazprom produced 274.8 billion cubic meters of natural gas in Africa. The export volume of the entire country was 78.5 billion cubic meters, a decrease of 36.2% (44.6 billion cubic meters) compared with the same period in 2021.
Gazprom said that at the same time, the company's natural gas supplies to China through the "Power of Siberia" natural gas pipeline are increasing.
"In European spot transactions, natural gas prices have exceeded the 2,500 US dollars/thousand cubic meters mark." Gazprom finally emphasized that "according to conservative estimates," if this trend continues, natural gas prices in Europe will rise further this winter. 60%, reaching over 4,000 US dollars/thousand cubic meters.
Gazprom issued an article introducing the production and supply of natural gas in the first seven and a half months of this year.
Before the conflict between Russia and Ukraine, EU countries relied on imports for more than half of their energy products, of which Russia provided 41% of natural gas, 46% of coal and 27% of coal. % of oil. Public information shows that Russia supplies natural gas to 23 European countries through pipelines. According to the European Commission in March, this energy dependence will continue for at least another five years, until 2027.
But the flow of energy, especially natural gas, from Russia to Europe has more than halved since February 24, pushing energy prices to record levels. In addition, due to the repeated supply cuts of "Beixi 1", European countries are increasingly worried that Russia will cut off the supply of natural gas. Now, European governments are scrambling to find alternative energy sources.
Due to policies in recent years to reduce nuclear power and phase out coal-fired power plants, Germany has become the world's largest buyer of Russian natural gas. Germany imports more than half of its natural gas from Russia, according to Eurostat. This has also enabled Germany to speed up its search for alternative energy sources, including restarting coal and nuclear power plants and advancing liquefied natural gas import projects...
According to the European version of the US political news network "Politico EU", currently, Germany's gas storage facilities The gas storage capacity has reached 77%. But in preparation for the coming winter, the German government aims to reach 95% of gas storage capacity by November 1.
In addition, data shows that Norway has replaced Russia and become Germany's largest natural gas supplier. However, "Politico EU" pointed out that Norway's rise in the ranking is more related to Russia's reduction in deliveries and does not mean a significant increase in Norwegian exports.
Original title: European natural gas prices hit new highs, Gazprom warning: they will rise by 60% this winter
Source: Observer.com
