Photo by Frantzou Fleurine on Unsplash

TFF EU Natural Gas is trading at around €230 per megawatt hour, below the record high of $320 which was reached in the prior month.

European governments are stepping up efforts to tackle the energy crisis with potential price caps on gas as well as suspension of the power derivatives trade. There are also plans which include reducing power demand across the bloc by 10%.

Plans to resume the gas flows through the crucial Nord Stream 1 pipeline were reversed by Russia’s Gazprom which halted the stream indefinitely, citing maintenance. Russia said the gas flow would resume as soon as the turbines are available and operational.

Therefore, Europe is seeking to find alternatives such as liquefied gas from the US.

Meanwhile, utilities in Europe are calling for EU power price cap proposals while Germany’s Scholz accused Russia of ‘blackmailing’ over the ‘technical’ gas pipeline shutdown. Shelters of Aluminum followed by the development to halving output as of the surging energy prices as Europe’s top plant will cut output by about 22% as well.

There are EU proposals for a price caps of about 200 euros per megawatt on revenues from the production of electricity from wind, solar and geothermal energy, hydropower, biomass, landfill gas, sewage treatment plant gas, biogas, nuclear, lignite and crude oil shale oil, according to documents seen by Bloomberg.

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