Natural Gas Prices Rise in Europe as Gazprom Cuts Italy Supply by 15%

The price of natural gas per megawatt-hour in Europe increased by more than 10% on Wednesday after Russian energy company Gazprom warned that natural gas shipments through the Nord Stream pipeline could reduce by 40% due to technical problems.

Also, Italian energy company Eni said on Wednesday that Gazprom cut gas flows to Italy by about 15%.

Natural gas price per megawatt-hour, for July contracts trading on the Netherlands-based virtual natural gas trading point (TTF), in Europe rose to €109 ($113.54) at 16.58 local time (1358 GMT) from €98.50 ($102.63) on Wednesday's opening.

Nord Stream is known as one of the important lines carrying Russian gas to Europe, as well as the Yamal-Europe pipeline and the pipelines in Ukraine.

In previous statement made by the company, it was stated that the shipments via the Yamal-Europe line were stopped, and the shipments via Ukraine decreased by about half.

(Anadolu Agency, June 15, 2022)


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