“Lockout” for the second time on Nord Stream 1. Gas flows to Germany were reduced to zero. Officially the supposed maintenance will last 4 days in fact the reopening of the pipeline is uncertain.
As expected, the prices on the Dutch stock exchange showed upward trends at the opening, which then declined.
The Greek proposal for a European solution
Europe realizes that this cannot continue and will be thoroughly discussed at the extraordinary council of energy ministers on September 9. On the table is capping and structural intervention in how the market works as energy costs are now unsustainable
The Greek energy minister shared via twitter the letter he sent to their European counterparts where he presented them with the Greek solution and the excess revenue recovery mechanism.
Europe’s nearly full energy reserves, according to experts, however, cannot make it through the winter. Stockpiles will cover for 80-90 days if Russia cuts off supply permanently
Although the head of its energy regulator Germany appears optimistic that gas flow will be restored. Of course, everything will depend on how hard the next winter will be. As Mr. Klaus Müller characteristically mentions: “Germany is well prepared. We have filled the warehouses. I believe we will succeed.”
The gas storages, outside Paris, with an area as large as 600,000 Olympic-sized swimming pools, are about to be filled by the France which was informed today by Gazprom that the flow of Russian gas has been stopped indefinitely
THE Hungary chose to move away from the European road and cooperate with Russia by securing an additional 5.6 million cubic meters of gas per day, directly from Gazprom.
At the same time, the relationship between the EU and Russia has broken down. The two sides hurl accusations at each other for the energy impasse that threatens the collapse of the European economy.
“We discussed all the important security issues that arise that relate to both energy and national security,” commented Olaf Solz.
And Moscow through the representative of the Ministry of Foreign Affairs Mary Zakharova answers:
“You destroyed our energy cooperation and accuse us of threatening your energy sufficiency. You are crazy”.
THE Germany due to the increased dependence on Russian gas, it is preparing for a 3rd massive package of support for citizens, to cope with energy costs and inflated inflation.
Subsidy holds down electricity prices in Greece – Struggle for gas rally
Despite the astronomical jump in the price of natural gas, in Hellas the new electricity prices set by Thursday September 1st in force and will be valid until the end of the month, are expected to be significantly reduced as they will include the State subsidies.
For home consumers at least in September electricity will not be very expensiveat least in relation to the astronomical height reached by the wholesale price on the energy exchange.
However, depending on the company, the fluctuations are large. With the subsidy the most expensive price will be 34 minutes per kilowatt hour, without the consistency discount, while the cheapest, just 2 euro cents. For above 60% of consumers the final price per kilowatt hour will be 15 cents, as in August. Few, however, are familiar with price comparison.
An average monthly bill for a household with a monthly consumption of 400 kilowatt-hours will be 60 euros, instead of 312 that it would pay without the subsidy, not counting the regulated charges and municipal fees reflected on each bill.
The total fund to subsidize electricity bills reached 1.9 billion euros in September, with just under half coming from the surplus profit retention mechanism that has been in place since July.
However, the concern of all European governments is how long national budgets will last, if russia completely turns off the tap sending gas prices skyrocketing.
The Minister of Environment and Energy Kostas Skrekas he said: “The limits of the budget are finite, we will exhaust them but Europe must also take measures at last to support the European continent”.
SYRIZA criticizes the government because it did not cooperate with the Iberian countries that put a ceiling on the price of natural gas.
The next crucial European appointment is scheduled for September 9, at which time the council of energy ministers will be convened.
Reporting: Katerina Christofilidou, Marina Demerjian