October 26, 2021

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Russia denies any connection with the rise in gas prices in Europe

This content was published on Oct 06, 2021 – 10:54

Moscow, October 6 (EFE): Kremlin spokesman Dmitry Peskov announced that Russia has nothing to do with the recent rise in gas prices in Europe, which today crossed the threshold of $ 1,900 per thousand cubic meters.

“We insist that Russia does not and cannot play any role in what is happening in the gas market in Europe,” the representative of the Russian presidency said in his daily press conference.

Peskov stressed that Russia, the main supplier of gas to Europe, “has complied, will and will continue to comply” consistently with all commitments made in gas supply contracts.

“The crisis is caused by several factors that have coincided with the passage of time. It is due to the pace at which the economy is returning to the economy and, accordingly, to how fuel consumption has grown, the level of gas deposits, and the significant reduction in wind generation in Europe,” he explained.

According to the Kremlin, climate changes affect winds and reduce electricity generation.

“There are other factors that have been added. Less gas is reaching the spot market. But this has nothing to do with Russia,” he said.

Peskov noted that “only non-professionals, people who do not understand the essence of what is happening, can mention Russia in this context.”

“The Russian side has repeatedly stressed that it is ready to discuss new long-term contracts,” he added.

In addition, he noted that the Russian gas giant Gazprom is in constant contact with its European customers and is close to “record levels of gas supplies to Europe.”

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Gas prices in the European futures market (TTF) for November on the London ICE reached the level of $ 1937 per thousand cubic meters today, but later fell to levels close to $ 1.765 per thousand cubic meters, which is an increase of 27.4%. from the previous day.

Prices of gas futures contracts in Europe for October rose above $900 per thousand cubic meters after Gazprom refrained from holding additional transit capacity through Ukraine.

Russia is waiting for permission from Germany’s energy regulator to commission the Nord Stream 2 gas pipeline, which will carry Russian gas to Germany along the bottom of the Baltic Sea and bypassing transit through Ukraine.

For this, it must comply with the European Union’s gas directive, known as the third energy package, which states that companies that produce, transport and supply gas within the community bloc must be separated or “dismantled” in order to ensure market competition.

Gazprom is currently a producer and operator of the gas pipeline, so under the directive, it can use no more than 50% of Nord Stream 2 capacity as directed by the community. EFE

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