Gas prices put Europe at risk

Gas prices in Europe are rising further since the shutdown of Nord Stream 1. In fact, they have risen by 30%.

Share:

Comprehensive energy news coverage, updated nonstop

Annual subscription

8.25$/month*

*billed annually at 99$/year for the first year then 149,00$/year ​

Unlimited access • Archives included • Professional invoice

OTHER ACCESS OPTIONS

Monthly subscription

Unlimited access • Archives included

5.2$/month*
then 14.90$ per month thereafter

FREE ACCOUNT

3 articles offered per month

FREE

*Prices are excluding VAT, which may vary depending on your location or professional status

Since 2021: 35,000 articles • 150+ analyses per week

Gas prices in Europe are increasing further since the closure of Nord Stream 1. In fact, they rose by 30% after Gazprom’s announcement.

Gas prices in Europe are rising

This has triggered a new wave of supply concerns. In fact, the context is not favorable to European countries, which all fear a gas shortage this winter. However, the latter have managed to quickly find alternatives in order to get out of the dependence on Russia.

The reference price for gas was €272/MWh when the market was opened after Gazprom’s announcement. The company had declared the extension of the works because of a leak in a turbine of Nords Stream 1. The maintenance work was initially scheduled to take place over three days. To date, the reopening of the pipeline remains uncertain.

Europe accuses Russia of exerting political pressure through its energy power. Furthermore, it considers the closure of Nord Stream 1 to be the final response to the Western sanctions imposed on Moscow.

Russia denies these accusations while emphasizing the difficulties caused by the sanctions. In fact, it suggests that the reduction in gas volumes and subsequent cessation of gas flow is due to the barriers created. The Kremlin adds that the West would have started an economic war that is currently hindering the good gas pipeline.

Nord Stream 1 connects Russia and Germany by passing under the Baltic Sea. It supplied 1/3 of the gas transported to Europe. That time seems to be over.

The decline in supply via Nord Stream 1 began in July when the volumes transported were reduced. In fact, the pipeline had been operating at 40% of its capacity and then at 20% before the total shutdown for maintenance.

Measures taken to curb the situation

Thus, the decrease in the volumes transported had caused the European countries to react. These have been adorned with various devices to avoid gas shortages this winter. Contingency plans include the possibility of energy rationing and increase the risk of recession.

In addition, the current situation is forcing some energy-intensive industries to reduce their production. Forcing European governments to inject billions of euros to help households. This is a testament to the poor conditions in which consumers are finding themselves as a result of high energy prices.

EU energy ministers are due to meet on 9 September to discuss the energy situation. They want to find solutions to curb soaring prices including gas price caps and emergency credit lines.

Doha and Washington warn Brussels about the consequences of EU sustainability requirements on liquefied natural gas exports, as the continent’s energy security remains under pressure.
The Volans-1X exploration well revealed a 26-metre productive zone in the Orange Basin, marking another hydrocarbon find for Azule Energy partners in 2025.
Faced with the absence of commercially viable results on the Guercif permit, Predator Oil & Gas has initiated a sale process while continuing technical evaluation of the gas potential.
According to the Oxford Institute for Energy Studies, a stable gas price of $6/MMBtu would boost global demand by 60 billion m³ in the short term and 120 billion m³ by 2035, mainly driven by Asia.
Kazakhstan’s Karachaganak gas field has reduced output by nearly one-third following an incident at a key Russian gas processing plant targeted by a Ukrainian drone strike.
Kinetiko Energy reports production levels above economic thresholds at two Mpumalanga wells, strengthening the technical viability and development potential of its liquefied natural gas project.
National Fuel Gas Company acquires CenterPoint Energy’s natural gas distribution business in Ohio, doubling the size of its regulated portfolio and expanding its footprint in the US Midwest.
The United States, Canada and Mexico together plan a 151% increase in liquefied natural gas export capacity, representing more than half of expected global additions by 2029.
European Union member states have approved the principle of a full ban on Russian natural gas imports, set to take effect by the end of 2027.
CMA CGM becomes the first international container shipping company to commission LNG-powered ships from an Indian shipyard, all to be registered under the Indian flag.
KLN strengthens its industrial project portfolio with progress on the WHPA platform in Libya, a major offshore site valued at over HK$10bn ($1.28bn), aimed at supporting regional gas supply.
US LNG producer Venture Global will report its Q3 2025 financial results before markets open, followed by a conference call for investors.
NextDecade confirmed a final investment decision for Train 5 at Rio Grande LNG, backed by full $6.7bn funding, marking its second decision in a month.
Sudan seeks partnership with Belarus to rehabilitate its energy grid amid prolonged humanitarian, economic and logistical crisis.
The Malaysian group launched three tenders to sell up to five liquefied natural gas cargoes in November and December, sourced from its Bintulu and PFLNG Dua facilities.
The South African government ends a thirteen-year freeze on shale gas, paving the way for renewed exploration in the Karoo Basin amid a national energy crisis.
Platts' physical pricing platform records its second-highest LNG trading volume, with nearly 1.5 million tonnes exchanged despite regional demand slowdown.
Former German Chancellor Gerhard Schröder supported the Nord Stream 2 pipeline before an inquiry, dismissing criticism over his role and Russian funding linked to the project.
Daily winter demand spikes are pushing Britain’s gas system to rely more on liquefied natural gas and fast-cycle storage, as domestic production and Norwegian imports reach seasonal plateaus with no room for short-term increases.
Rising terminal capacity and sustained global demand, notably from China and Europe, are driving U.S. ethane exports despite new regulatory uncertainties.

All the latest energy news, all the time

Annual subscription

8.25$/month*

*billed annually at 99$/year for the first year then 149,00$/year ​

Unlimited access - Archives included - Pro invoice

Monthly subscription

Unlimited access • Archives included

5.2$/month*
then 14.90$ per month thereafter

*Prices shown are exclusive of VAT, which may vary according to your location or professional status.

Since 2021: 30,000 articles - +150 analyses/week.