On Thursday it jumped over the EUR 300 per megawatt hour (MWh) mark, after the futures contract TTF, which is trend-setting for European gas trading, had remained comparatively stable on the energy exchange in Amsterdam on the two previous days.
In the morning, the price rose by more than six percent to almost 316 euros per megawatt hour. Only in the period immediately after the outbreak of war in Ukraine was the price of natural gas traded in Europe briefly higher, peaking at EUR 345.
The market continued to explain the recent surge in gas prices with another interruption in Russian gas supplies to Europe through the Nord Stream 1 pipeline. Russia had announced that it would interrupt gas supplies via the Nord Stream 1 Baltic Sea pipeline for three days from August 31. This fueled fears that the gas flow from Russia, which had already been severely restricted, could stop completely if deliveries were not resumed after the break.
Source: Nachrichten
