European gas prices rocketed as much as 30 per cent higher on Monday after Russia said one of its main gas supply pipelines to Europe would stay shut indefinitely, stoking renewed fears about shortages and gas rationing in the European Union this winter.
The benchmark gas price surged as high as 272 euros per megawatt hour (MWh) when the market opened after Russia said on Friday that a leak in Nord Stream 1 pipeline equipment meant it would stay shut beyond last week’s three-day maintenance halt.
The Dutch TTF October gas contract had eased to 256 euros, up 23 per cent on the day by 0723 GMT but almost 400 per cent higher than a year ago. This year’s price surge has squeezed already struggling consumers and forced some industries to halt production.
