Europe’s benchmark gas price rose as much as 21% on Monday, while the German power price surged more than 25% to above EUR700 per megawatt-hour for the first time in history. The level is about 14 times the seasonal average over the past five years.
Yesterday, the Dutch TTF Gas Futures for September rose 14.6% to its record high of EUR280.235 on Monday, fueled by concerns on tight supply after a three-day unscheduled maintenance on Nord Stream 1 pipeline later this month that some feared that the Russian Gazprom will use this opportunity to cut gas supply to the region.
During the weekend, Russian state-owned energy company Gazprom stated that it will shut down Nord Stream 1 pipeline, a key pipeline conveying natural gas to Europe, in an unscheduled maintenance for three days on August 31 – 2 September.
