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The price of gas in Europe rose to more than 2,400 dollars per 1,000 cubic meters for the first time since the beginning of March

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The price of gas in Europe at the end of trading on Monday exceeded 2,400 dollars per 1,000 cubic meters for the first time since March 8, according to the ICE commodity exchange in London. The total increase in the cost of gas during the day was 11.5%.

The September futures cost at the TTF hub in the Netherlands rose to $2,412 per 1,000 cubic meters, or €228.895 per MWh (based on the current euro/dollar exchange rate, ICE prices are in euros per MWh).

Earlier, the price of gas in Europe during the evening trading suddenly increased to almost 2,350 dollars per 1,000 cubic meters.

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Gazprom reported that in January-July 2022 it reduced gas exports to non-CIS countries by 34.7% to 75.3 billion cubic meters. m.

Since July 27, the Nord Stream gas pipeline has been used at 20% of its maximum capacity due to the shutdown of several gas turbines. One of them – manufactured in Canada by Siemens Energy – was sent to Montreal for repairs. Due to Ottawa’s sanctions against Moscow, the manufacturer initially refused to return the repaired equipment to Germany, but after numerous requests from the FRG, decided to return it anyway. On July 25, Gazprom announced the forced shutdown of another gas turbine engine at the Portovaya compressor station due to the end of the pre-overhaul interval.

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Thus, only one turbine remains in operation.

Also, from May 11, OGTSU stopped gas transit to Europe through the Sokhranovka station due to force majeure. It is assumed that the company cannot exercise control over the Novopskov border compressor station in the Lugansk region. In this regard, Gazprom supplies gas to Europe in transit only through the Sudzha station, and requests to pump through Sokhranivka are rejected by the Ukrainian side.

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