Gazprom’s supply stop to OMV had been foreseen and priced in for some time. Large quantities continue to flow from Russia to Austria. But around the turn of the year there is still a risk of price increases for various reasons, energy expert Johannes Benigni warns in the ‘Krone’ interview.
“In the short term, the cessation of gas supplies is mainly a problem for OMV,” says Benigni. In the worst case, this could be the result of the conflict with Russia’s Gazprom without the gas quantities and without the 230 million euros in dispute, said the head of the management consultancy JBC Vienna. “In terms of household prices, it is unlikely that there will be any major price increases this fall.”
The energy markets have already taken the declining quantities into account. Quotes on the stock exchanges rose this autumn as expected. Since the spring, the TTF wholesale price has risen from sometimes below 30 euros per megawatt hour (MWh) to more than 45 euros per MWh (see graph). For comparison: before the war this was 15 to 20 euros. Due to the great uncertainty, more speculators are currently appearing.
The warehouses are currently (still) well filled
Because suppliers have also taken out good insurance, households do not have to prepare for major price increases on their energy bills for the time being. There is no shortage of supplies this winter, as the warehouses are well filled with more than 90 percent.
But according to Benigni, that is no reason to sit back. Things can get really serious around New Year’s Eve.
Source: Krone
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