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Gas price in Europe soars above $1,900 per 1,000 cubic meters

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Gas price in Europe soars above $1,900 per 1,000 cubic meters

European gas prices broke new record highs on Wednesday, rising sharply to above $1,900 per 1,000 cubic meters. That is equivalent to $186 per megawatt-hour in household terms.

According to data from the Intercontinental Exchange (ICE), the price of November futures on the TTF hub in the Netherlands rose to $1,936 per 1,000 cubic meters, as of 8:28am GMT. 

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Launch of Russia’s Nord Stream 2 pipeline could bring European gas prices down to historic lows – Saxo Bank

The price of gas on the European market has nearly tripled since the beginning of September, when October futures cost around $730 per thousand cubic meters.

Energy prices in Europe have continued to spike as the first string of the Nord Stream 2 pipeline from Russia to Europe is being filled with natural gas. According to pipeline operators, procedures are being carried out to test the pipeline’s capacity, but deliveries to the continent have not yet begun. Nord Stream 2 is still awaiting final authorization from German regulators to turn on the taps.

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Piping systems and shut-off valves are pictured at the gas receiving station of the Nord Stream Baltic Sea pipeline, in Lubmin, Germany. © Sputnik / Dmitrij Leltschuk
Nord Stream 2 pipeline begins filling with gas in preparation for pumping supplies to EU, operators say, as energy crisis worsens

According to a recent report from Saxo Bank, the start of operations by Nord Stream 2 in the fourth quarter of this year could drive natural gas prices in Europe down to historic lows.

For more stories on economy & finance visit RT's business section

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