🚨 Leaks from the Nord Stream 1 and 2 gas pipelines: Gas prices are surging

The Nord Stream 1 and 2 gas pipelines connecting Russia to Germany were suddenly affected by leaks in the Baltic Sea on Monday 26 and Tuesday 27 September 2022. To date, the authorities of the various countries concerned have not found explanations but do not rule out the hypothesis of “sabotage” according to Denmark and the European Commission. The Kremlin rejects all responsibility.

Ursula von der Leyen, President of the European Commission, considered that the leaks on the Nord Stream gas pipelines in the Baltic Sea were an “act of sabotage”.

What are the consequences?

You should know that the two gas pipelines Nord Stream 1 and 2 were already shut down before these leaks. They therefore have no immediate impact on the European Union's already extremely disrupted natural gas supply:

• Nord Stream 1 was stopped by the Russian energy company Gazprom at the end of August for an indefinite period of time.
• Nord Stream 2 has never been put into service because it has been subject to sanctions from the 27 since the start of the conflict in Ukraine.

As a logical consequence, the markets reacted nervously following the announcement of the leaks: the TTF contract, serving as a reference for gas prices in North-West Europe, was up by 12% to more than €195/MWh on Tuesday.

In France, Cal-23 and Cal-24 products recorded an increase of €6.62/MWh and €6.28/MWh respectively, and the Cal-25 increased by €3.48/MWh.

However, prices remain much lower than their peak of €346/MWh at the end of August last year when Nord Stream 1 was shut down.

Follow the market price curves