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By Trend

The price of gas in Europe once again surpassed $2,800 per 1,000 cubic meters amid reports of a delay in the launch of the Freeport LNG plant in Texas after repairs, Trend reports with reference to TASS.

The price of September futures at the TTF hub in the Netherlands rose to $2,837 per 1,000 cubic meters or 276 euro per MWh (based on the current euro/dollar exchange rate, ICE prices are shown in euros per MWh).

Previously, the US company Freeport LNG stated that it plans to restore partial operation of its LNG terminal after an accident in early or mid-November, and full production in March 2023. It was previously scheduled to restart operations in October and reach full capacity by the end of the year.

The capacity of Freeport LNG enterprises is estimated at 15 mln tonnes of LNG per year, or around 16% of total US exports.

This week, the spot gas price in Europe surpassed $3,000 per 1,000 cubic meters for the first time since the beginning of March, in anticipation of the suspension of supplies via Nord Stream for three days from August 31 due to repairs of the only gas compressor unit remaining in operation.

In turn, Gazprom did not rule out that gas prices in Europe in winter could rise above the record-breaking $4,000 per 1,000 cubic meters.

Experts interviewed by TASS believe that gas prices could rise to a record-breaking $5,000 per 1,000 cubic meters in winter due to possible cold weather and a reduction in stocks in storage facilities. In their opinion, there is no reasonable limit for spot prices in the market at the moment.

Gazprom reported earlier that over 7.5 months of 2022, it reduced gas exports to non-CIS countries by 36.2% to 78.5 bln cubic meters.

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