Gas prices in Europe surpass $1,200 per first time since May 12

The price of gas in Europe surpassed $1,200 per 1,000 cubic meters on London’s ICE on Wednesday for the first time since May 12, following the news about an additional reduction in gas supplies via Nord Stream and the shutdown of another Siemens gas turbine engine, APA reports citing TASS.

The price of July futures at the TTF hub in the Netherlands rose to $1,216 per 1,000 cubic meters, or 112.9 euro per MWh.

Gazprom announced earlier on Wednesday it was halting operation of one more Siemens gas turbine engine because of ended time to overhaul. “In connection with the ended period of time to overhaul (in accordance with the order of the Federal Service for Environmental, Technological, and Nuclear Supervision and subject to the technical status of the engine), Gazprom halts operation of one more Siemens gas turbine engine at the Portovaya compressor station,” the company said.

As a result, throughput from the night of June 16 will decrease to 67 mln cubic meters per day.

Source: Azeri-Press News Agency