Europe is experiencing another explosive rise in gas prices. Judging by the data of the London ICE exchange, prices have risen to the indicators of October 2021.
January futures at the TTF hub in the Netherlands as of 10:01 am Moscow time rose to $ 1,803 per thousand cubic meters, or € 154.35 per MWh. On the eve, the cost of gas in Europe was $ 1,732 per thousand cubic meters.
The Russian company Gazprom has not booked capacities for gas transit through Poland via the Yamal-Europe gas pipeline. The physical flow of gas to Germany has been suspended.
Gazprom also did not book additional capacities for gas transit through Ukraine in January 2022. The company ordered 21.6% of the proposed capacity for pumping gas through Poland via the Yamal-Europe gas pipeline.
The reason for the rise in gas prices in Europe is a decrease in wind generation, as well as a decrease in gas pumping through the Yamal-Europe gas pipeline.