Since 2014, the European gas network has been prepared to manage without Russian gas if possible.
(Photo: ZB)
Brussels, Berlin, Dusseldorf For decades, Europe’s energy policy, and Germany’s in particular, was based on Russia’s adherence to the treaties. At least now it is clear that Moscow is no longer interested in a stable energy partnership.
The Russian energy company Gazprom abruptly stopped natural gas deliveries to Poland and Bulgaria on Wednesday night. The reason given by Moscow was that the countries had refused to comply with Russia’s demand to pay for gas in rubles.
The gas price reacted immediately to the renewed escalation on the market on Wednesday and jumped by more than twenty percent to 118 euros per megawatt hour (MWh), which is the highest level in almost four weeks. Compared to April 2021, gas is now almost seven times more expensive.
During the course of the day, prices relaxed again somewhat. This is mainly due to the fact that no physical shortage is to be expected, say experts from Energy Brainpool. However, the market remains extremely volatile.
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