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This is the first time since early March that the gas price has exceeded 2 800 dollars per thousand cubic meters, according to the London Stock Exchange ICE.
This comes amid Gazprom's announcement to cut Nord Stream pipeline flows for three days of maintenance starting August 31.
State-owned energy giant Gazprom said last Friday that natural gas supplies through Nord Stream would be completely interrupted from August 31 to September 2 due to maintenance work on the only functioning gas compression unit.
Supplies are expected to resume in the volume of 33 million cubic meters per day once the works are completed without technical malfunction of the unit.
Since July 27, flows through the Nord Stream pipeline, which feeds gas from Russia to Europe, have been reduced by the outage of two gas turbines, leaving about 20 percent of the pipeline's maximum capacity available.
⚠️BREAKING:
— Investing.com (@Investingcom) August 22, 2022
*EUROPEAN GAS FUTURES SOAR 20% ON RUSSIA SUPPLY CONCERNS
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Built in Canada by Siemens Energy, one of the turbines was sent to Montreal for repair, but was returned to Germany because of Ottawa's sanctions against Russia. Finally, the manufacturer agreed to its return.
Russian energy giant Gazprom announced on July 25 that another gas turbine engine at the Portovaya compressor station stopped working. This leaves only one turbine operational at this time.
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