Natural gas prices in Europe rose on Wednesday after Russian energy giant Gazprom announced plans for further cuts in supply volumes through the Nord Stream pipeline.

Futures on the Netherlands-based trading center TTF rose more than $1,300 per 1,000 cubic meters, marking a rise of almost 25%.

Earlier this week, prices in the region soared nearly 11% after Gazprom said it was cutting gas deliveries through the Nord Stream pipeline after German firm Siemens failed to return gas pumping units. to your compressor station on time.

Total gas flows through the Nord Stream pipeline will decrease by about 60%, from 167 million cubic meters per day to just 67 million cubic meters, according to Gazprom.

Siemens confirms that it did not return the turbines to Gazprom

The St. Petersburg energy giant said it was forced to cut gas supplies to Germany via the Nord Stream pipeline this week due to a shortage of parts. Siemens announced on Wednesday that it was impossible to deliver the gas turbines to Gazprom after they had been repaired in Canada, due to sanctions imposed on Russia.

He added that the German and Canadian governments were aware of the problem and were working on a viable solution.

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