LAST UPDATE 18:10
Russia is tightening its grip on the European energy market by further reducing gas supplies via the critical Nord Stream pipeline, by about 60%, in a “politically motivated” move, according to Berlin.
In particular, after announcing a 40% reduction in pipeline capacity, Gazprom today shut down a third turbine vital to the operation of its largest pipeline to Europe, causing gas prices to jump for a second consecutive year. day.
Specifically, after the 18% jump yesterday, the July contract for natural gas is being traded today in Amsterdam (TTF) with a new rally 24.6%with its price now at 120.8 euros the megawatt hour.
Gazprom’s new announcement came hours after German Economy Minister Robert Habeck said the previous flow cut was a political move, rekindling tensions with Moscow.
At the same time, the loss of Russian supplies coincided with the limitation of the US ability to transport liquefied natural gas (LNG) to Europe, due to damage to a large export terminal in Texas by fire.
For its part, Gazprom announced that from today that flows in the Nord Stream will be reduced to 67 million cubic meters per day.
This is a 33% reduction from the rate announced on Tuesday, when the company said shipping capacity would be reduced to 100 million cubic meters per day due to a lack of operating compressors at Portovaya, the Nord Stream entry point on the Russian Baltic coast.
The issue arose after a pipeline turbine that had been shipped to Canada for maintenance has not yet been returned due to sanctions.
In addition, earlier today it was announced that the Russian giant reduced by 15% its gas exports to the Italian group Eni for today.
“Eni confirms that Gazprom has informed it of a limited reduction in gas supplies for today, which corresponds to about 15%,” said a spokesman for the Italian group, adding that “the reasons for the reduction have not been disclosed.”
Russian gas exports to Europe have generally fallen sharply since sanctions were imposed on Russia, as Gazprom cut off gas supplies to many European customers who refused to pay in rubles.
Source: Capital
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