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Gas prices in Europe hit one-year high as fears grow over halt to Russian supply
The Guardian
|November 15, 2024
Europe's gas market rose by as much as 5% yesterday to its highest price in a year after one of the continent's biggest gas traders said that there could be a halt on gas supplies from Russia.
The Austrian gas trader OMV has said that a court decision awarding the company compensation after its dispute with a subsidiary of Russia-owned Gazprom could lead the state-owned gas firm to halt supplies.
Gas prices on Europe's main gas market jumped to more than €45 a megawatt hour for the first time since November last year amid fears that Europe could face higher risks of tight gas supplies this winter if OMV's gas supplies are cut off.
In the UK the price of gas on the wholesale market price climbed by almost 3% from its close on Wednesday to trade at just over 114 pence per therm by yesterday morning.
Europe's gas market prices remain well below the historic highs of more than €300/MWh in August 2022 after Russia's invasion of Ukraine earlier in the year.
This story is from the November 15, 2024 edition of The Guardian.
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