Wholesale Gas Prices Fall As Europe Prepares To Intervene In Energy Markets Gas

The European Commission said it was “steadily” working on an emergency package and a longer-term “structural reform of the electricity market” to combat price spikes, while efforts to fill gas storage facilities appear to be ahead of schedule. The next-day UK wholesale gas price fell more than 20% to 447p. per temp. Prices have come down from near record highs, but are still 12 times higher than they were at the start of 2021, before the energy crisis began. It came as business secretary Kwasi Kwarteng announced progress in efforts to restart the UK’s largest natural gas storage facility. Energy group Centrica is working to re-use the Rough facility, located under the North Sea off the east coast of Yorkshire. “After months of work, the UK oil and gas regulator has today granted the required approvals and consents,” Kwarteng said on Tuesday night, announcing the go-ahead from the North Sea Transitional Authority. European countries are rushing to fill gas storage facilities ahead of winter, amid fears that Russia may cut gas supplies further. European gas storage facilities are now almost 80% full on average, fast approaching the EU’s target for countries to meet 80% by 1 November. German Economy Minister Robert Habeck said he expects gas prices to drop soon as Germany, Europe’s biggest gas consumer, makes progress on storage targets and won’t have to pay high prices to keep replenishing supplies. inventories. Habeck also reportedly told other European energy ministers that Germany is willing to consider a European gas price cap, a measure he has supported in the past. The European Commission is working on as yet unspecified emergency proposals to reduce costs for households this winter, ahead of a meeting of EU energy ministers on 9 September. A longer term market intervention plan appears to be more advanced. “It’s on the slopes. We are in such a rise in prices that it has opened up political space,” a European diplomat told the France-Presse news agency, speaking on condition of anonymity to explain the discussion. “The European Commission will launch an impact assessment in the autumn and we can expect a proposal by early next year,” he said. Commission President Ursula von der Leyen said on Monday that Brussels is preparing an intervention to decouple energy prices from rising gas costs, in a bid to ensure electricity prices reflect cheaper energy from renewable sources. . Von der Leyen’s intervention will pile pressure on the next UK prime minister to follow suit and announce a package of measures to tackle the bills. Last week, regulator Ofgem set the next energy industry price cap at £3,549, which will come into effect in October. Subscribe to Business Today Get ready for the business day – we’ll point you to all the business news and analysis you need every morning Privacy Notice: Newsletters may contain information about charities, online advertising and content sponsored by external parties. For more information, see our Privacy Policy. We use Google reCaptcha to protect our website and Google’s Privacy Policy and Terms of Service apply. Ofgem is consulting on whether to decouple the wholesale price of electricity from the price of natural gas. RBC Europe analyst John Musk said: “It is clear, in our view, that current electricity prices of €700-800 per megawatt hour are unsustainable and create windfalls for some generators. “The question is how long it will take to implement any reform, given the need to maintain investor confidence in the government. At the current high electricity prices, we may see further windfall taxes or voluntary contributions, across Europe, from generators in the interim period, while long-term structural reforms are planned and implemented.” However, uncertainty remains about the short-term outlook for natural gas supplies. Russia’s Gazprom will halt gas exports to Europe via the main Nord Stream 1 pipeline for three days from Wednesday to carry out maintenance. The shutdown follows a 10-day maintenance period in July, and the Nord Stream pipeline had already been operating at just one-fifth of its normal capacity. Supply disruptions have sparked fears that Russia could halt flows altogether, just as demand spikes in winter. Separately, on Tuesday one of France’s biggest natural gas suppliers, Engie, said Gazprom would further reduce deliveries to the company, due to a dispute between them over the implementation of certain contracts. Deliveries to Engie from Gazprom have dropped significantly since the start of the war in Ukraine. In Austria, Vienna’s main electricity company, Wien Energie, has asked the federal government for billions of euros in credit to cover margin costs so it can continue to trade on the European energy contract market.

title: “Wholesale Gas Prices Fall As Europe Prepares To Intervene In Energy Markets Gas Klmat” ShowToc: true date: “2022-11-14” author: “Cleveland Arcos”

The European Commission said it was “steadily” working on an emergency package and a longer-term “structural reform of the electricity market” to combat price spikes, while efforts to fill gas storage facilities appear to be ahead of schedule. The next-day UK wholesale gas price fell more than 20% to 447p. per temp. Prices have come down from near record highs, but are still 12 times higher than they were at the start of 2021, before the energy crisis began. It came as business secretary Kwasi Kwarteng announced progress in efforts to restart the UK’s largest natural gas storage facility. Energy group Centrica is working to re-use the Rough facility, located under the North Sea off the east coast of Yorkshire. “After months of work, the UK oil and gas regulator has today granted the required approvals and consents,” Kwarteng said on Tuesday night, announcing the go-ahead from the North Sea Transitional Authority. European countries are rushing to fill gas storage facilities ahead of winter, amid fears that Russia may cut gas supplies further. European gas storage facilities are now almost 80% full on average, fast approaching the EU’s target for countries to meet 80% by 1 November. German Economy Minister Robert Habeck said he expects gas prices to drop soon as Germany, Europe’s biggest gas consumer, makes progress on storage targets and won’t have to pay high prices to keep replenishing supplies. inventories. Habeck also reportedly told other European energy ministers that Germany is willing to consider a European gas price cap, a measure he has supported in the past. The European Commission is working on as yet unspecified emergency proposals to reduce costs for households this winter, ahead of a meeting of EU energy ministers on 9 September. A longer term market intervention plan appears to be more advanced. “It’s on the slopes. We are in such a rise in prices that it has opened up political space,” a European diplomat told the France-Presse news agency, speaking on condition of anonymity to explain the discussion. “The European Commission will launch an impact assessment in the autumn and we can expect a proposal by early next year,” he said. Commission President Ursula von der Leyen said on Monday that Brussels is preparing an intervention to decouple energy prices from rising gas costs, in a bid to ensure electricity prices reflect cheaper energy from renewable sources. . Von der Leyen’s intervention will pile pressure on the next UK prime minister to follow suit and announce a package of measures to tackle the bills. Last week, regulator Ofgem set the next energy industry price cap at £3,549, which will come into effect in October. Subscribe to Business Today Get ready for the business day – we’ll point you to all the business news and analysis you need every morning Privacy Notice: Newsletters may contain information about charities, online advertising and content sponsored by external parties. For more information, see our Privacy Policy. We use Google reCaptcha to protect our website and Google’s Privacy Policy and Terms of Service apply. Ofgem is consulting on whether to decouple the wholesale price of electricity from the price of natural gas. RBC Europe analyst John Musk said: “It is clear, in our view, that current electricity prices of €700-800 per megawatt hour are unsustainable and create windfalls for some generators. “The question is how long it will take to implement any reform, given the need to maintain investor confidence in the government. At the current high electricity prices, we may see further windfall taxes or voluntary contributions, across Europe, from generators in the interim period, while long-term structural reforms are planned and implemented.” However, uncertainty remains about the short-term outlook for natural gas supplies. Russia’s Gazprom will halt gas exports to Europe via the main Nord Stream 1 pipeline for three days from Wednesday to carry out maintenance. The shutdown follows a 10-day maintenance period in July, and the Nord Stream pipeline had already been operating at just one-fifth of its normal capacity. Supply disruptions have sparked fears that Russia could halt flows altogether, just as demand spikes in winter. Separately, on Tuesday one of France’s biggest natural gas suppliers, Engie, said Gazprom would further reduce deliveries to the company, due to a dispute between them over the implementation of certain contracts. Deliveries to Engie from Gazprom have dropped significantly since the start of the war in Ukraine. In Austria, Vienna’s main electricity company, Wien Energie, has asked the federal government for billions of euros in credit to cover margin costs so it can continue to trade on the European energy contract market.

title: “Wholesale Gas Prices Fall As Europe Prepares To Intervene In Energy Markets Gas Klmat” ShowToc: true date: “2022-11-04” author: “Lisa Shaw”

The European Commission said it was “steadily” working on an emergency package and a longer-term “structural reform of the electricity market” to combat price spikes, while efforts to fill gas storage facilities appear to be ahead of schedule. The next-day UK wholesale gas price fell more than 20% to 447p. per temp. Prices have come down from near record highs, but are still 12 times higher than they were at the start of 2021, before the energy crisis began. It came as business secretary Kwasi Kwarteng announced progress in efforts to restart the UK’s largest natural gas storage facility. Energy group Centrica is working to re-use the Rough facility, located under the North Sea off the east coast of Yorkshire. “After months of work, the UK oil and gas regulator has today granted the required approvals and consents,” Kwarteng said on Tuesday night, announcing the go-ahead from the North Sea Transitional Authority. European countries are rushing to fill gas storage facilities ahead of winter, amid fears that Russia may cut gas supplies further. European gas storage facilities are now almost 80% full on average, fast approaching the EU’s target for countries to meet 80% by 1 November. German Economy Minister Robert Habeck said he expects gas prices to drop soon as Germany, Europe’s biggest gas consumer, makes progress on storage targets and won’t have to pay high prices to keep replenishing supplies. inventories. Habeck also reportedly told other European energy ministers that Germany is willing to consider a European gas price cap, a measure he has supported in the past. The European Commission is working on as yet unspecified emergency proposals to reduce costs for households this winter, ahead of a meeting of EU energy ministers on 9 September. A longer term market intervention plan appears to be more advanced. “It’s on the slopes. We are in such a rise in prices that it has opened up political space,” a European diplomat told the France-Presse news agency, speaking on condition of anonymity to explain the discussion. “The European Commission will launch an impact assessment in the autumn and we can expect a proposal by early next year,” he said. Commission President Ursula von der Leyen said on Monday that Brussels is preparing an intervention to decouple energy prices from rising gas costs, in a bid to ensure electricity prices reflect cheaper energy from renewable sources. . Von der Leyen’s intervention will pile pressure on the next UK prime minister to follow suit and announce a package of measures to tackle the bills. Last week, regulator Ofgem set the next energy industry price cap at £3,549, which will come into effect in October. Subscribe to Business Today Get ready for the business day – we’ll point you to all the business news and analysis you need every morning Privacy Notice: Newsletters may contain information about charities, online advertising and content sponsored by external parties. For more information, see our Privacy Policy. We use Google reCaptcha to protect our website and Google’s Privacy Policy and Terms of Service apply. Ofgem is consulting on whether to decouple the wholesale price of electricity from the price of natural gas. RBC Europe analyst John Musk said: “It is clear, in our view, that current electricity prices of €700-800 per megawatt hour are unsustainable and create windfalls for some generators. “The question is how long it will take to implement any reform, given the need to maintain investor confidence in the government. At the current high electricity prices, we may see further windfall taxes or voluntary contributions, across Europe, from generators in the interim period, while long-term structural reforms are planned and implemented.” However, uncertainty remains about the short-term outlook for natural gas supplies. Russia’s Gazprom will halt gas exports to Europe via the main Nord Stream 1 pipeline for three days from Wednesday to carry out maintenance. The shutdown follows a 10-day maintenance period in July, and the Nord Stream pipeline had already been operating at just one-fifth of its normal capacity. Supply disruptions have sparked fears that Russia could halt flows altogether, just as demand spikes in winter. Separately, on Tuesday one of France’s biggest natural gas suppliers, Engie, said Gazprom would further reduce deliveries to the company, due to a dispute between them over the implementation of certain contracts. Deliveries to Engie from Gazprom have dropped significantly since the start of the war in Ukraine. In Austria, Vienna’s main electricity company, Wien Energie, has asked the federal government for billions of euros in credit to cover margin costs so it can continue to trade on the European energy contract market.

title: “Wholesale Gas Prices Fall As Europe Prepares To Intervene In Energy Markets Gas Klmat” ShowToc: true date: “2022-11-24” author: “Lucas Ferrusi”

The European Commission said it was “steadily” working on an emergency package and a longer-term “structural reform of the electricity market” to combat price spikes, while efforts to fill gas storage facilities appear to be ahead of schedule. The next-day UK wholesale gas price fell more than 20% to 447p. per temp. Prices have come down from near record highs, but are still 12 times higher than they were at the start of 2021, before the energy crisis began. It came as business secretary Kwasi Kwarteng announced progress in efforts to restart the UK’s largest natural gas storage facility. Energy group Centrica is working to re-use the Rough facility, located under the North Sea off the east coast of Yorkshire. “After months of work, the UK oil and gas regulator has today granted the required approvals and consents,” Kwarteng said on Tuesday night, announcing the go-ahead from the North Sea Transitional Authority. European countries are rushing to fill gas storage facilities ahead of winter, amid fears that Russia may cut gas supplies further. European gas storage facilities are now almost 80% full on average, fast approaching the EU’s target for countries to meet 80% by 1 November. German Economy Minister Robert Habeck said he expects gas prices to drop soon as Germany, Europe’s biggest gas consumer, makes progress on storage targets and won’t have to pay high prices to keep replenishing supplies. inventories. Habeck also reportedly told other European energy ministers that Germany is willing to consider a European gas price cap, a measure he has supported in the past. The European Commission is working on as yet unspecified emergency proposals to reduce costs for households this winter, ahead of a meeting of EU energy ministers on 9 September. A longer term market intervention plan appears to be more advanced. “It’s on the slopes. We are in such a rise in prices that it has opened up political space,” a European diplomat told the France-Presse news agency, speaking on condition of anonymity to explain the discussion. “The European Commission will launch an impact assessment in the autumn and we can expect a proposal by early next year,” he said. Commission President Ursula von der Leyen said on Monday that Brussels is preparing an intervention to decouple energy prices from rising gas costs, in a bid to ensure electricity prices reflect cheaper energy from renewable sources. . Von der Leyen’s intervention will pile pressure on the next UK prime minister to follow suit and announce a package of measures to tackle the bills. Last week, regulator Ofgem set the next energy industry price cap at £3,549, which will come into effect in October. Subscribe to Business Today Get ready for the business day – we’ll point you to all the business news and analysis you need every morning Privacy Notice: Newsletters may contain information about charities, online advertising and content sponsored by external parties. For more information, see our Privacy Policy. We use Google reCaptcha to protect our website and Google’s Privacy Policy and Terms of Service apply. Ofgem is consulting on whether to decouple the wholesale price of electricity from the price of natural gas. RBC Europe analyst John Musk said: “It is clear, in our view, that current electricity prices of €700-800 per megawatt hour are unsustainable and create windfalls for some generators. “The question is how long it will take to implement any reform, given the need to maintain investor confidence in the government. At the current high electricity prices, we may see further windfall taxes or voluntary contributions, across Europe, from generators in the interim period, while long-term structural reforms are planned and implemented.” However, uncertainty remains about the short-term outlook for natural gas supplies. Russia’s Gazprom will halt gas exports to Europe via the main Nord Stream 1 pipeline for three days from Wednesday to carry out maintenance. The shutdown follows a 10-day maintenance period in July, and the Nord Stream pipeline had already been operating at just one-fifth of its normal capacity. Supply disruptions have sparked fears that Russia could halt flows altogether, just as demand spikes in winter. Separately, on Tuesday one of France’s biggest natural gas suppliers, Engie, said Gazprom would further reduce deliveries to the company, due to a dispute between them over the implementation of certain contracts. Deliveries to Engie from Gazprom have dropped significantly since the start of the war in Ukraine. In Austria, Vienna’s main electricity company, Wien Energie, has asked the federal government for billions of euros in credit to cover margin costs so it can continue to trade on the European energy contract market.