Gas markets soaring again

Focus week 25: Gas imports to Germany from Russia via the Nord Stream 1 pipeline have plummeted, and this has led to another significant price jump across the markets.

Here and now

Electricity prices climbed again last week following the downtrend in the previous week. The main reason for the climbing prices in the forward market is the uncertainty relating to Russian gas supplies to Europe, with German electricity prices climbing sharply in line with the falling gas import levels. Drier and warmer weather forecasts have contributed to the price climbs, and prices have even been climbing in the spot market. The average Nordic system price for week 24 was EUR 100.29/MWh, marginally higher than the level seen in week 23.

Read Focus here.