Gas Price Slightly Up After Nord Stream Closes by Russia

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The market price for gas in Europe rose slightly on Wednesday after Russia shut down the vital gas pipeline Nord Stream 1. According to the Russian state gas group Gazprom, this is necessary for maintenance, but European regulators doubt that.

On the European stock exchange in Amsterdam, the price for a megawatt hour rose 2.3 percent in the morning to more than 271 euros. That is almost ten times as high as a year ago. Earlier this month, the gas price reached new record highs but fell sharply on Monday after the news that European gas storage is well filled.

Nord Stream 1 is a critical gas pipeline between Russia and Germany. Gazprom closes it for three days, officially due to maintenance work. But Klaus Müller, boss of the German energy supply regulator, calls that statement “technically incomprehensible.” He thinks it is an excuse to exert political pressure on the European Union.

It supports Ukraine in the fight against the Russian invasion, including through sanctions against Russia.

High energy costs are also costing households. Several countries in the European Union have already intervened to limit the increase in energy bills. France extends the period during which maximum electricity rates apply until next year. Italy is allocating billions of euros to compensate companies and households for the increased energy costs. The Netherlands lowered taxes on energy and fuel.