Gas crisis: After supply cutbacks, prices climb to the level at the beginning of the war

Created: 07/26/2022, 12:02 p.m

By: Patricia Huber

While Putin is turning the gas tap, the EU is working on the emergency plan.

The worry about a complete gas stop remains.

The latest information on the gas crisis in the news ticker.

• Robert Habeck sees initial successes in saving gas: Germany is well on the way to achieving the EU target

• This news ticker on the gas crisis is constantly updated.

Update from July 26, 11:47 a.m .:

After the announcement by the Russian gas giant Gazprom that it would further reduce deliveries to Europe through the Nord Stream 1 pipeline from Wednesday, the price of gas in European trading rose significantly.

On Tuesday morning, the TTF futures contract used as a reference on the energy exchange in the Netherlands briefly jumped over EUR 190 per megawatt hour.

It last reached this level in March, shortly after the beginning of the Russian war of aggression against Ukraine.

Robert Habeck sees initial success in saving gas

First report from July 26, 2022:

Brussels – Federal Minister of Economics Robert Habeck (Greens) sees Germany on the right track to achieving the EU-wide target of 15 percent in gas savings.

"Enormous efforts and enormous successes have already been achieved" and will be able to achieve more, said the Green politician on Tuesday at a special meeting of EU energy ministers in Brussels.

"And if Germany makes more than 15 percent, then there's no shame."

According to Habeck, Germany is already at 14 or 15 percent - but compared to the previous year and not temperature-adjusted.

The EU target is to take the average value of consumption in the period from August to the end of March over the past five years as a reference.

However, it should be possible to reduce the volume of savings, for example by deducting the gas consumption in food production.