German media: European gas prices hit record high ‘with no end in sight’
Reference News Network reported on August 28 that according to the German news TV channel website reported on August 26, concerns regarding the suspension of natural gas supplies in Russia are driving natural gas prices to continue to rise. European natural gas futures for September delivery rose regarding 10% on the followingnoon of the 26th to hit a record high of 343 euros per megawatt hour.
Gazprom announced last week that the line of the Nord Stream gas pipeline would be shut down for three days due to maintenance work. This has fueled fears that Russian gas supplies, which have been drastically reduced, will come to a complete halt if supplies are not restored. However, Gazprom said that if there are no technical problems, the previous level of supply will be restored following the end of maintenance.
Currently, the pipeline supplies 33 million cubic meters of gas per day, just 20 percent of the maximum supply, the report said. The reason given by Gazprom before is also to carry out the necessary maintenance work. European gas prices have more than tripled since the start of the year. Experts say there is no end in sight for price increases.
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