Gas price also goes through the roof | Money

The cause of the increase is the colder and longer than usual winter. As a result, gas storage facilities in Europe became empty. The rising price of CO2 emission rights is also pushing up the gas price. Due to a lower supply of gas from, among others, Norway and Russia, this will remain the case for a while.

Many traders take into account an even further rising price. On Friday it was 29.40 euros per megawatt hour of gas, but a price above 30 euros seems to be a matter of time. In addition, there could be a gas shortage next winter. Some energy companies are already having to switch to coal to ensure enough electricity, which could also undermine Europe’s green ambitions.

Traders are now looking to the controversial Nord Stream 2 gas link between Russia and Germany as a solution to the gas shortage. It could possibly be put into operation before the winter, although that is far from certain.

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