Weekly Energy Market Highlights:
- Gazprom announced its inability to help with urgent turbine repairs for the Nord Stream 1 pipeline.
- Furthermore, gas prices continue to increase this week because of worries that Russia will continue reducing gas deliveries to Europe. Last week, Gazprom suspended gas flows to Latvia.
- However, LNG gas deliveries to Europe are still strong, with gas storage capacities reaching 71% capacity this week.
- The EU has accelerated the burn of Coal to generate electricity amid the limited gas flows from Russia. However, the EU countries will no longer be permitted to import Russian coal from the 10th of August.
- EDF, French main nuclear power producer, announced a further warning of nuclear production availability this week due to the high river temperature used for cooling in nuclear generation.
- Considering the above news, power prices will likely continue to trade higher in the coming week.
To read the prior week’s European Energy Market Update, please follow the link here.
