The price of gas delivered in November on the Dutch TTF exchange on October 2 was at 97.7 euros/mwh (equivalent to 113.3 USD/mwh), an increase of about 400% since the beginning of the year and is a record level since the beginning of the year. before to now.
The price of gas delivered in November on the Dutch TTF floor on October 2 was at 97.7 euros/mwh (equivalent to 113.3 USD/mwh), an increase of about 400% since the beginning of the year. This is an all-time record high.
Gas demand is high because of low reserves and Europe is competing with China in the search for liquefied natural gas (LNG) despite its very high prices.
Gas source through the Yamal (Russia) – Europe pipeline through Poland on October 2 at 5,313 mwh compared to 22,705 mwh on October 1. The decline led Goldman Sachs to lower its forecast for gas reserves in Northwest Europe to only 12 billion cubic meters by the end of March 2022, equivalent to 23% compared to the 32% previously calculated by Goldman Sachs. .
Russia is the largest gas supplier to the EU, so the low volume of gas from Russia to Europe will affect gas supplies and prices in this continent.
High gas prices in Europe cause power plants to switch to coal instead, leading to higher carbon dioxide emissions. Meanwhile, Europe imposes a tax on carbon dioxide emissions to protect the environment. The high cost of carbon dioxide tax due to the high use of coal causes the price of finished electricity to increase, creating a vicious circle in the energy crisis.
Rising gas is turning the lives of Europeans, especially the UK, upside down. Long lines of cars waiting in front of petrol stations in the UK are a familiar image in recent days. British people are also struggling with rising electricity bills and soaring prices of pork and chicken. Many businesses in the UK have had to shut down or face default during this energy crisis.
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