(BRUSSELS/MOSCOW) E.U Policymakers and some traders blame Russia for the low volume of gas stored across the region which has sent both gas and electricity prices surging to record highs but #Gazprom says they met all commitments #AceNewsDesk report

#AceNewsReport – Oct.10: Some policymakers and traders have speculated additional gas has been deliberately withheld to make a diplomatic point and accelerate the approval of the Nord Stream 2 pipeline….

#AceDailyNews says according to media report Russia’s pipeline gas export monopoly #Gazprom has met commitments for long-term contracts, its clients confirm. But it has not raced to book extra pipeline capacity for spot buyers, despite European calls for more supplies now they want a license for ‘Nordstream2‘ according to RT News and will provide all the Gas needed for prices to fall …

Nord Stream

Others say Russia has withheld gas to create a shortage, drive up prices and increase export revenues, similar to the way the OPEC+ producer group raises oil prices and its revenues: The other possibility is Russia has not supplied more gas because it faces its own shortage and wants to rebuild domestic stocks after they were depleted by a cold winter in 2020/21.

Why Europe faces steep winter energy bills

LONDON, Oct 8 (Reuters) – Households across Europe face much higher winter energy bills due to a global surge in wholesale power and gas prices and consumer groups have warned the most vulnerable in the region could be hit by fuel poverty as a result.

WHY THE HIGH PRICES?

Energy companies pay a wholesale price to buy gas and electricity, which they then sell to consumers. As in any market, this can go up or down, driven by supply and demand.

Prices typically rise in response to more demand for heating and people turning lights on earlier in winter, while those in the summer period are usually lower.

But prices have sky-rocketed due to low gas storage stocks, high European Union carbon prices, low liquefied natural gas tanker deliveries due to higher demand from Asia, less gas supplies from Russia than usual, low renewable output and infrastructure outages.

Benchmark European gas prices at the Dutch TTF hub have risen by more than 400% since January, while benchmark German and French power contracts have more than doubled.

#AceNewsDesk report ………………Published: Oct.10: 2021:

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