MOSCOW: Russian natural gas deliveries through a key pipeline to Europe will drop by around 40% this year, state-controlled energy giant Gazprom said on Tuesday, after Canadian sanctions over the war in Ukraine prevented German partner Siemens Energy from delivering overhauled equipment.
Germany’s utility network agency said it did not see gas supplies as endangered and that reduced flows through the Nord Stream 1 pipeline aligned with with commercial behaviour and Russia’s previously announced cutoff of gas to Denmark and the Netherlands, the German news agency dpa reported. The Federal Network Agency said it was monitoring the situation.
However, Europe’s gas prices surged by double digits on Tuesday, with the gas price at the Dutch TTF hub, the benchmark gas price for Europe, up by 13%. High energy prices are already contributing to record inflation of 8. 1% in the 19 countries that use the euro.

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