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Gas prices rose again this week to a record €600 per MWh, compared with €34 two years ago.
FD said the war in Ukraine and reduced gas supplies from Russia were to blame. Russian state-owned supplier Gazprom announced this week that it will close the Nordstream 1 pipeline for maintenance, further reducing its availability.
The pipeline, which supplies more than 40% of its gas to the EU, has been running at reduced capacity for months, and experts believe Russia is trying to punish Germany for backing Ukraine.
‘Unpredictable development’
Energy company Agro Energy is pessimistic about future developments. In a recent report, the company wrote that “concerns about gas shortages in the winter could also push up prices further.”
Part of the problem is the current high coal prices. Low water levels in Germany prevented barges from transporting coal to the ports of Antwerp and Rotterdam. The price of a tonne of coal has quadrupled in the last two weeks.
Agro Energy wrote that these “unpredictable developments” make energy price predictions difficult.
Gasoline prices in the Netherlands were the highest in Europe in July. Other her EU countries have a much higher share of coal, nuclear or hydropower in their energy mix, and some, such as France, have price caps.
The Netherlands cut VAT on energy bills and gave compensation pacts to low-income households.
towards winter
The Economy and Climate Ministry reported last week that the country is on track to reach its goal of putting 80% of its gas reserves into capacity by 1 November.
However, higher prices could hinder the achievement of this target. His GasTerra, a wholesaler, has stopped storing gas at his Norg facility in Drenthe because the price is too high. The company wants the government to increase its support.
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