New and full body The reduction announced by Gazprom in Eni The halting of the pipeline flow to France marks another black day on the energy front for Europe. The gas war with Moscow has now come to the fore and sees that the Kremlin’s strategy is gradually becoming clearer: trapping the old continent in a whirlpool consisting of skyrocketing prices and increasingly halting supplies. The cost of methane on the Amsterdam Stock Exchange jumped 43% in a week, from 82.5 to 117.74 euros, with a peak of 134 euros per megawatt-hour recorded after the new cuts announced by the Russians. The trend may intensify and a serious question mark begins to cling to the resilience of common stocks in light of the winter in European capitals.
Today opened with bad news about‘Italia. Faced with a daily demand from Eni equal to about 63 million cubic meters, Gazprom announced that it will supply only 50%.
Only a few hours later, France announced that it was no longer receiving methane through the pipeline. Stopping in this case, is the explanation that arrived from Berlin, not as a result of a new Russian decision, but because of Moscow’s pressure on the flows along the Nord Stream 1, which brings energy to Germany.
By cutting off gas to Eastern European countries, Moscow creates a domino effect that spreads almost throughout the continent. And also to the Slovak supplier Spp, Russia reported that within days, deliveries will be halved. In the European Chancellery now they have no longer any doubt: that Moscow is a “political decision”, as German Chancellor Olaf Schulz asserted after the same accusation made by the Prime Minister. Mario DragI, who dismissed Gazprom’s technical reasons as “lies”.
An act of retaliation, in short, also follows the six sets of sanctions I have imposed Brussels. On the other hand, came the clear explanation given today by Russian Energy Minister Alexander Novak in an interview with Rossiya 24 TV. The problem is that, compared to a few weeks ago, the range of responses that the EU can access is limited: the sanctions gun appears to have been somewhat emptied by the gradual exhaustion of the sectors subject to sanctions and the impossibility of agreeing to a gas embargo. Indeed, the joke circulating in the corridors of Brussels at the moment is that Putin is directly considering a Russian methane ban.
At the same time, the European Union calls for a strong acceleration of common procurement platforms. at present EU shares travel more than 50% But with the latest cuts, the 80% target to be reached before winter is far away. They were confirmed by the committee that “there is no indication of immediate security of supply risks”. Meanwhile, Brussels set a record for LNG imports, with a daily peak of 0.54 billion cubic metres. Among the alternative suppliers, Italy can count on the Algerian side, from which at the moment comes twice as much gas compared to Russia, whose flows are close to the quantities of methane coming from Azerbaijan. The Italian system is holding for now, but the new cut imposed by Gazprom is adding to the shadows over the future, both national and European. In Brussels, they explained that Putin’s revenge increases “determination” to achieve RepowerEu’s goals.
However, the plan has not yet been approved by the Council of the European Union And Parliament at a time when the European front, for a decisive transition to renewable energy sources, shows cracks and hesitations and is called to the difficult test of green light for classification in the coming days. In terms of diversifying supplies, Ursula von der Leyen is moving quickly, but an agreement with Egypt and Israel may not be enough. However, a great mystery of the EU’s solidarity mechanism still looms: how quickly to take action in the event that more than one member state suffers from energy shortages?