The energy market is breathing a sigh of relief, at least temporarily, and prices are easing by more than 5% after Moscow’s decision
The price of gas fell sharply on the international market this Thursday after Russia’s decision to reopen the Nord Stream I gas pipeline, which connects that country to Germany, is a relief for the supply of this raw material to Eastern Europe.
In these first steps of the session, gas is trading at a price 5% lower than yesterday, at around EUR 148/MWh, a benchmark not seen since early July, when the worst fears were a sudden drop in the gas pipeline. by Moscow. Oil also fell 1% at the start of the session to $106 a barrel of Brent.
If prices continue to fall, its price will show up in the cost of electricity across Europe in the coming days, including Spain, where gas conditions a third of the electricity generated in the system today.
Russian gas company Gazprom restored gas supply through the Nord Stream 1 gas pipeline on Thursday after being shut down for ten days for maintenance work, an infrastructure spokesman told the German agency DPA.
Gazprom announced on July 11 the interruption of gas flow through the gas pipeline connecting Russia and northern Germany, due to delays in repair work. Moscow blamed Western sanctions for the delays, an argument rejected by German Chancellor Olaf Scholz. German authorities feared that the Kremlin would use the Nord Stream 1 outage to blackmail the European Union. In fact, Russian President Vladimir Putin proposed on Tuesday to launch the controversial Nord Stream 2 gas pipeline to increase gas supply to Europe.
“We have prepared another route: it is the Nord Stream 2. It can be launched,” Putin said when he spoke about the possibilities of solving the energy crisis in Europe, the TASS news agency reported. European Commission President Ursula von der Leyen assured that Russia was using energy “as a weapon” and urged the twenty-seven to “be prepared” and save gas for “a safe winter”. “Russia is blackmailing us, Russia is using energy as a weapon. For this reason, whether the austerity measures are partial or complete, Europe must be prepared,” von der Leyen proclaimed.
On Wednesday afternoon, the Russian state-owned company assured that it had no documented evidence of Siemens’ delivery of the gas turbine needed for the Portovaya compressor station in the Baltic Sea, recalling its direct impact on the “safe operation” of the Nord Stream 1 gas pipeline. “Gazprom has not yet received an official document from Siemens for the delivery of a gas turbine engine for Portovaya CS under Canadian and EU sanctions,” the Russian company said, stressing that it returned to ask Siemens to provide such documents.
In early July, the Canadian government announced it was supplying Germany with the turbine needed to transport gas by Nord Stream from Russia, whose return had been temporarily suspended due to sanctions against Moscow over the war in Ukraine.
The Canadian authorities indicated that the part, which was reconditioned at a Siemens plant in Montreal, would be supplied to German workers and not directly to Russia, as originally planned.
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.
