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European gas prices hit new all-time high

Energy costs jumped over 40% despite steady supplies from Russia

Gas prices in Europe skyrocketed on Monday, reaching over $3,600 per 1,000 cubic meters for the first time in history.

The April futures at the TTF hub in the Netherlands soared past $3,600 per 1,000 cubic meters, or over $300 per megawatt-hour in household terms by 08:30 GMT, according to data from London’s ICE exchange.

Prices continue to grow as market players fear the outcome of the ongoing Russian military offensive in Ukraine. Meanwhile, Russian state energy giant and major gas exporter Gazprom said Monday it continues to routinely supply Russian gas for transit to Europe through the territory of Ukraine.

Gazprom supplies Russian gas for transit through the territory of Ukraine in the regular mode, in accordance with the applications of European consumers [amounting to] 109.6 million cubic meters for March 7,” Gazprom’s official representative Sergey Kupriyanov told reporters.


READ MORE: US unveils Russia oil and gas sanctions plan

Still, fears exist that the crisis in Ukraine may lead to a halt in Russian gas deliveries, either due to possible pipeline damage or resulting from sanctions placed on Moscow by Western states that don’t support the operation.

For more stories on economy & finance visit RT’s business section

https://ift.tt/2f4WP7X 07, 2022 at 01:58PM
from RT – Daily news

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