2023-06-19 17:33:47
hair Andrei Stiru
posted on Monday, June 19, 2023 at 7:33 PM •
4 min read
The price of natural gas on the Dutch TTF market, the European benchmark, fell once more to around 30 euros per megawatt hour (MWh), following doubling last month to 50 euros. These strong fluctuations show that the end of the energy crisis is not yet in sight.
Why is this important?
Prior to Russia’s invasion of Ukraine on February 24, 2022, there was a symbiotic relationship between the Kremlin and Europe. Russia earned considerable rubles by transporting large quantities of natural gas to Europe, which, in turn, greedily profited from this cheap fossil fuel. However, following the gas tap was first turned off and then blew (literally), natural gas prices skyrocketed and Europe was plunged into a veritable energy crisis.
In the news : Although the price of natural gas has fallen by 40% since last Friday, it remains 20% higher than at the beginning of June. The sharp fluctuations in the natural gas market show that it is far from stable and that Europe still has a long way to go before being energy independent of Russia.
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