Natural gas prices in Europe soared temporarily on Monday morning above 164 euros, with a heat wave plaguing the western part of the continent as the latter increases demand for air conditioning and pushes energy costs higher, to recede. then close to 156 euros.
Temperatures in parts of the UK and France could reach record highs on Monday and Tuesday, Maxar forecast. Germany generated record amounts of electricity from solar panels on Sunday and is expected to set a new record on Tuesday.
The heatwave – a reminder of the severity of climate change – is exacerbating Europe’s worst energy crisis in decades. Officials and traders are watching closely to see if the Nord Stream pipeline, which connects Russia and Germany, will be back in operation within the week when its regular maintenance period ends. Moscow has already cut supplies to European countries amid tensions between them over Russia’s invasion of Ukraine, Bloomberg reports.
A Nord Stream turbine was transported from Canada, where it was being repaired, to Germany on July 17, Kommersant reported, citing its sources.
The turbine had remained in Canada under Western sanctions against Russia. Russia’s Gazprom had said it had been forced to cut flows through the pipeline, the largest connecting Russian territory to Europe, by 40% due to equipment that had not been returned.
Even after Nord Stream maintenance work ends, it is unknown how much natural gas Russia will allow to move west to the Old Continent, Deutsche Bank noted in a note. “Part of this decision will be political and part of it will be operational – technical, as the repaired turbine will take some time to complete, or at least that will be the claim,” he adds.
The Dutch natural gas contract for August delivery, a reference point for Europe, was down 2.141% at 14.06 Greek time, at 156.150 euros per megawatt hour, having fallen by 8.8% on Friday.
Source: Capital
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