As previously threatened, Russian gas giant Gazprom has severely curtailed its gas supplies through the Baltic Sea pipeline Nord Stream 1 leading to Germany. Only 20 percent of the possible capacity has been delivered since Wednesday, confirms Klaus Müller, head of the German federal network agency. Whether it will remain that way is still unclear. It is already clear that gas prices have risen sharply.
The uncertain supply situation continues to push up the European natural gas price. On Wednesday morning, the price for a megawatt hour of Dutch natural gas for delivery in August rose by about ten percent to 224 euros. The price refers to the TTF futures contract, which is used as a benchmark for the gas price level in Europe.
Now more gas is coming through Slovakia
As Gazprom has cut off supplies through Nord Stream 1, efforts are underway to channel more gas through the Transgas pipeline, which runs through Slovakia. In the border town of Velké Kapusany, the starting point of the Slovak route, the transmission of 68.6 million cubic meters of gas was announced. The day before that was 36.8 million cubic meters.
This measure could compensate for the missing supplies. Transgas is a pipeline that runs from Russia via Ukraine to Slovakia and to Austria and Germany. The additional gas quantities nominated on Wednesday roughly match the throttling by the Nord Stream 1 pipeline, which Gazprom justified with the repair of another turbine.
Major economic risk for Europe
A supply freeze by Russia has been considered a major economic risk for Europe since the war in Ukraine, as many countries rely heavily on gas supplies from Russia. Economists warn of a recession if deliveries fail completely.
Gas as part of the Russian war strategy
Gazprom announced Monday evening that it would reduce deliveries via Nord Stream 1 from its current 40 percent to just 20 percent of capacity from Wednesday morning. The reason given by the group was the maintenance of a turbine. The German government reacted with incomprehension. The head of the network agency criticized that gas is now part of the Russian foreign policy, the Russian war strategy.
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.
