On Wednesday morning, the spot price of natural gas in Europe continues to show growth due to insufficient production of electricity from renewable sources and unfavourable weather conditions, Interfax-Ukraine reports.
The price of the January futures on TTF on the ICE Futures exchange reached €132.995 per MWh, $1550 per thousand cubic meters.
In November, the price of a day-ahead contract averaged $945, in December – $1182 per thousand cubic meters. Since the beginning of the year, the average price has reached $518.
Renewable electricity production showed a significant decline. On Monday, the share of wind farms in electricity generation in Europe was only 10.1%, on Tuesday – only 9.9% (with an average of 15.6% in the week of December 6-12), according to data from the WindEurope association.
The filling level of European UGS facilities with gas reached 61.9% of their maximum capacity.
To recap, the EU plans to abandon long-term gas contracts with Russia.
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