The price of September gas futures in Europe exceeded $2,500 per thousand cubic meters on the ICE Futures exchange, Ukrainian news agency Interfax-Ukraine reported on Aug 16.
At the same time, since the beginning of August the average price on the TTF virtual trading point for natural gas has been $2,121 per thousand cubic meters; in July, gas was traded at an average of $1,764 per thousand cubic meters.
Gas prices in Europe have increased due to the drop in transporting gas through the Nord Stream pipeline, and the indefinite suspension of the Nord Stream 2 gas pipeline project.
Russia reduced its pumping capacity through Nord Stream by five times, saying that this was due to delays in the maintenance schedule for equipment of the Portovaya compressor station.
Competition with Asia for liquefied natural gas also spurred the growth of European spot quotes.
Russia’s state-owned gas company Gazprom announced on July 25 that gas pumping through Nord Stream would be reduced to one-fifth of its capacity starting July 27. Moscow said this was due to days in return of a turbine for the gas pipeline from repairs in Canada, as well as the breakdown of other units.
Canada on July 11 formally agreed to return a sanctioned turbine for the Russian Nord Stream pipeline to Germany, despite objections from Ukraine.
After that, the Ministry of Foreign Affairs of Ukraine summoned Canada's Chargé d'affaires and stated that the decision undermines Euro-Atlantic unity in applying international sanctions against Russia. Canada was urged to reconsider its decision.
The German-made Siemens turbine was sent to Canada for repairs, where it got stuck due to sanctions against Russia's oil and gas industry following the Kremlin’s full-scale invasion of Ukraine.
At the end of July, Siemens Energy announced that the turbine, which Russia's Gazprom says is required to power Nord Stream, was ready for shipment. At the same time, the Russian monopolist has yet to provide the necessary documents, Siemens said.