Spot natural gas prices in Europe have continued to rise, surging 16% during trading on Wednesday as fears of an energy crisis on the continent mount.
The cost of September futures at the TTF hub in the Netherlands rose to 302 euros per megawatt hour, or $3,113 per thousand cubic meters, according to data from the London Intercontinental Exchange. It is the highest price of natural gas in the European spot market since March 8.
The price rally began late last week, after Gazprom announced that the only operating turbine on the Nord Stream 1 pipeline will be shut down for repairs from August 31, with gas transit through the pipeline completely suspended. Until September 2nd.
The prospect of a shutdown of the key supply route to Europe comes as the continent tries to fill up gas storage facilities ahead of the heating season. Unscheduled maintenance work exacerbates both the risk of recession and power shortages during the EU winter.