The price of European natural gas fell to its lowest level since the end of July on Monday. The price of the TTF futures contract for Dutch natural gas dropped by almost eight percent in the morning to about 189 euros per megawatt hour. The TTF contract serves as a guideline for the European price level.
A week ago, the gas price had skyrocketed to EUR 300 due to the temporary cessation of supplies via the important Nord Stream 1 pipeline.
Gazprom cited technical problems as the reason for the supply stoppage. It is believed, however, that Russia wants to exert even more pressure on the West in the conflict over Ukraine.
EU: Proposed profit skimming and gas-saving measures
The European Commission has drawn up proposals on how to skim off excess profits from power plants that do not run on gas. In addition, in order to reduce electricity consumption, targets should be set for both total consumption reduction and certain peak times. This is evident from a concept that the news agencies Reuters and Bloomberg have seen. The money is intended to help consumers who have to bear the higher energy costs. Details of the European Commission’s plans are expected to be released this week.
Low electricity consumption would also reduce the demand for natural gas. However, the Member States must agree.
Source: Krone
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.
