The price of the Dutch TTF index, a reference in Europe, falls below 200 euros/MWh, a figure that has not been seen for a month
Natural gas prices in Europe fell to their lowest level in nearly a month this Thursday, following the European Commission’s announcements of its intention to intervene in the regional market with limits on the values of electricity and gas. The price of TTF gas in the Netherlands, a benchmark on the European market, fell by more than 7% at the start of the day and rose to 200 euros/MWh for the first time since last August 10.
The last day’s decline confirms the downward trend that began Tuesday, after prices rose 17% on Monday in response to the indefinite closure of the Nord Stream gas pipeline, which supplies Russian gas to Germany.
European Commission President Úrsula von der Leyen announced on Thursday that she will try to limit the price Europe pays for Russian gas. Currently, the supply only comes through Ukraine and it is possible that Moscow could interrupt it completely if the countries of the European Union agree on maximum values for Russian hydrocarbons.
Pending common measures, the countries of the European bloc have already started developing their own initiatives to help their energy companies with liquidity problems. The Swedish government this Thursday proposed a plan to give electricity companies liquidity so that consumers can pay their electricity bills in installments. Countries like Germany and Finland have already announced their plans this week to help local businesses hit by market volatility. German Industry Minister Robert Habeck confirmed today that they will provide significant support to the private sector.
At the same time, the average price of electricity for regulated tariff customers connected to the wholesale market increased this Friday by 1.35% compared to this Thursday, to 245 euros/MWh. While still high, it remains a long way from last week’s highs, when it reached an average of €486.21/MWh, the highest since the entry into force of the ‘Iberian exception’ and the second-highest price in history for regulated tariff customers linked to the wholesale market, only behind the record of 544.98 euros/MWh recorded on March 8, before the application of the ‘gas cap’.
Source: La Verdad
I’m Wayne Wickman, a professional journalist and author for Today Times Live. My specialty is covering global news and current events, offering readers a unique perspective on the world’s most pressing issues. I’m passionate about storytelling and helping people stay informed on the goings-on of our planet.
