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25 June, 2024
 
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Europe wholesale gas prices surge to record on Russia supply fears

Russia supplies 40 percent of Europe's gas

Source: Financial Times

Wholesale gas prices in Europe have surged above €200 a megawatt-hour for the first time as big consumers fret about supplies from Russia.

Futures contracts linked to TTF, the region’s benchmark gas price, jumped almost 37 percent on Friday to €202 MWh — more than 10 times higher than a year ago.

Russia supplies 40 percent of Europe's gas, and while Ukraine-linked sanctions against Moscow have not yet targeted energy, there are still fears that flows could be disrupted.

At the same time, some customers in Europe are letting contracts with Kremlin-backed Gazprom roll over and having to source alternative supplies in an already tight market.

“Consumers are shunning Russian gas and LNG in response to the continuing war in Ukraine, pushing prices higher,” said Rystad Energy in a report.

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Cyprus  |  Russia  |  Ukraine  |  energy  |  Europe

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