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Natural gas prices in Europe soar on pipeline setback

The price of gas next month in the Netherlands , which is considered to be a benchmark for Europe, jumped almost 8% on Wednesday to hit 101.30 euros per megawatt-hour (MWh), its highest since Oct. 18.

November 17, 2021 / 06:22 PM IST
Representational image

Representational image

The price of natural gas surged again in Europe on Wednesday after a delay in the approval process for a major new pipeline from Russia exacerbated worries about whether the continent will have enough gas this winter.

Germany's energy regulator suspended the process on Tuesday for bringing the Nord Stream 2 pipeline online, dimming hopes that it will provide any significant gas supplies in the coming months and sending jitters through energy markets.

The price of gas next month in the Netherlands , which is considered to be a benchmark for Europe, jumped almost 8% on Wednesday to hit 101.30 euros per megawatt-hour (MWh), its highest since Oct. 18.

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