Energy crisis: Gas prices rise up to 35 percent

Commercial Energy crisis

Gas prices rise by up to 35 percent

Gas prices have gone up by 30 percent

A renewed suspension of Russian gas supplies causes gas prices to explode. European natural gas futures rose 30 percent to 272 euros per megawatt hour. On Friday evening, Russian energy giant Gazprom announced it would not deliver gas through Nord Stream 1 until further notice.

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The complete shutdown of Russian gas supplies via Nord Stream 1 has caused gas prices in Europe to explode. In this situation, Iran has sensed an opportunity and is providing assistance. However, according to Tehran, all sanctions against the country must end.

NEuropean benchmark gas futures rose as much as 35% on Monday morning after Russian supplies through the Nord Stream pipeline were cut off completely.

“Given tight gas supplies, the possibility of mandatory gas restrictions for non-essential industries or ‘rolling gas shutdowns’ depending on weather conditions this winter cannot be ruled out,” JPMorgan’s analysis said. noise Goldman Sachs Group Inc. European gas prices could be closer to August highs after Russia’s move.

On Friday, the European Union will discuss measures to curb rising energy prices amid a complete disruption to Russian gas supplies via the Nord Stream pipeline. According to a draft document obtained by Bloomberg, it would include price caps on natural gas and a freeze on trading in electricity derivatives.

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A shift away from fossil fuels

Germany plans a 65 billion euro relief package for households and companies. A revenue cap is planned to be introduced for power producers who do not currently rely on very expensive gas for power generation. Sweden and Finland launched utility support measures over the weekend to avoid a ‘Lehman Brothers’ moment in the sector.

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Dutch gas futures for delivery next month were up 26% at €270 a megawatt hour. Last week the list was down 37%.

Now Iran wants to supply gas to Europe

Meanwhile, Iran has positioned itself as an energy supplier. “As is known, we have the necessary gas reserves and potential, so we can also meet Europe’s needs in this regard,” Foreign Ministry spokesman Nasser Khanani said on Monday. However, earlier, the spokesman said that the Vienna nuclear deal should be reinstated and above all, all economic US sanctions against Iran should be lifted, Fars news agency reported.

With the world’s second-largest gas reserves, Iran could be an energy supplier to Europe, but observers say there is little scope for gas exports due to domestic gas demand. Spokesman Kanani acknowledged that there have been technical problems with gas production in recent years due to US sanctions. However, in the meantime, these have been rectified and Iran no longer has any restrictions.

Iran and the six signatories to the Vienna nuclear deal — China, Germany, France, Great Britain, Russia and the United States — are currently working on renewing the 2015 accord. A final deal has yet to be reached, but an Iranian spokesman expressed hope. That it will soon be possible.

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