2023-08-09 20:50:28
The market price for gas skyrocketed on Wednesday followingnoon. On the Amsterdam gas exchange, the price rose by more than a third to more than 43 euros per megawatt hour. That is the highest level since May. The cause is a threatened strike in Australia.
A strike by Australian workers from Chevron and Woodside Energy might make liquefied gas exports more difficult. Due to this uncertainty, the gas price shot up from regarding 31 euros to 43 euros per megawatt hour.
The idea is that if there is less Australian liquefied gas available, there will be more competition for gas from other countries. In addition, experts take into account the duration of maintenance work at Norwegian gas installations.
Australia is one of the largest suppliers of liquid gas in the world. Norway has been the main supplier to many European countries since the disappearance of Russia.
Gas prices fell for months. At the beginning of this year, 80 euros were paid for a megawatt hour and in August last year price peaks of more than 300 euros were even reached. At that time there were many concerns regarding whether enough gas would be available for the winter, because Russia supplied less. Many European countries then bought gas en masse to replenish stocks.
Since then, the winter has been mild, people and companies are saving on their consumption and gas storages are structurally better filled. As a result, the market price is much lower than last year. Ultimately, market prices have a delayed effect on the prices that consumers and companies pay to energy suppliers.
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