At the same time, current gas prices are still relatively high compared to pre-crisis 2019.
The price of gas in Europe has fallen to its lowest level since July 2021, when Russia deliberately launched an energy crisis on the continent. This was reported by the Financial Times.
On Friday, the European benchmark TTF hit a low of 35.2 euros per megawatt-hour – a level last seen in July 2021, when Russia first began cutting energy supplies to Europe on the eve of its invasion of Ukraine.
The current price is almost 10 times lower than the peak value last summer, when Russia sharply cut gas supplies to the EU, causing the TTF benchmark to trade at 340 euros per MWh .
The drop in gas prices, the publication explained:
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the successful passage of the winter season (currently the storage facilities are 60% full),
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gas supplies from alternative (non-Russian) sources,
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development of the renewable energy sector.
However, the current gas price is still relatively high compared to pre-crisis 2019, when the TTF averaged less than 15 euros.
Recall that the government of Ukraine proposed to allow the export of half of the privately produced gas. This decision allows mining companies to invest in capacity and increase production.
The media predicted the consequences of excess gas in Ukraine
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Source: korrespondent
I am David Wyatt, a professional writer and journalist for Buna Times. I specialize in the world section of news coverage, where I bring to light stories and issues that affect us globally. As a graduate of Journalism, I have always had the passion to spread knowledge through writing.