The new year has started with fresh uncertainty in the European gas industry as geopolitical, seasonal and sustainability pressures collide to form a perfect storm.
The biggest stand-alone factor has been Russia stopping gas deliveries to Europe via Ukraine from 1stJanuary. The EU says it has prepared for the changes but some countries, such as Moldova – which is not in the bloc – have been particularly exposed.
European natural gas prices hit €46/MWh in November, spiking 16% on the month due to a cold snap, reduced wind output, and Russia-Ukraine tensions, and rose as the continent’s gas storage sites have been dwindling at their fastest pace since 2018.
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