Delivery cuts at Nord Stream: Experts fear even higher gas prices

The Russian company Gazprom has announced that it will temporarily deliver 40 percent less gas through the Nord Stream pipeline - the gas market is clearly reacting.

Delivery cuts at Nord Stream: Experts fear even higher gas prices

The Russian company Gazprom has announced that it will temporarily deliver 40 percent less gas through the Nord Stream pipeline - the gas market is clearly reacting. An explosion at a US liquefied natural gas terminal exacerbates concerns. The left demands that the "take-away mentality" of the gas suppliers be checked now.

According to the comparison portal Verivox, throttled Russian gas deliveries through the Nord Stream pipeline could lead to even higher costs for citizens. A Verivox spokesman explained that the announcement by the Russian state-owned company Gazprom and an explosion in the second largest US export terminal for liquid gas had already caused wholesale prices to rise. "One consequence of this development is higher gas prices for private consumers." The left even fears price jumps and is demanding immediate countermeasures from the federal government.

Gazprom announced on Tuesday that it would reduce gas volumes through the Baltic Sea pipeline by 40 percent. The reason is delays in repairs by Siemens on a gas compressor unit. The Federal Ministry of Economics is trying to clarify whether this could be related to the Ukraine war or Western sanctions or whether it is normal maintenance work.

"We now need consistent state price controls so that this shortage does not inspire the take-along mentality of the gas suppliers," demanded Left Party leader Dietmar Bartsch. "The economy minister must act immediately and control suppliers and prices." An approval requirement for gas prices is necessary. "The gas suppliers should have every tariff change this year approved by the Federal Network Agency," Bartsch demanded.

According to Verivox, wholesale gas prices rose from around 84 euros to 97 euros per megawatt-hour after Gazprom's announcement and the explosion in the US on Tuesday. Although that is lower than at the beginning of the Ukraine war, it is far higher than the long-term average of 10 to 25 euros per megawatt hour. For end consumers, there have already been almost 1,100 price increases by local suppliers this year, the comparison portal said. On average, the increases are 34 percent.

For a single-family house with an annual consumption of 20,000 kilowatt hours, this means an increase of around 560 euros. According to Verivox, the development hits the households in the eastern German states harder. "Because demand and price are particularly high here, the cost burden is around 14 percent above the national average," revealed an analysis of the comparison portal. It is most expensive for people in Saxony: According to Verivox, the costs are 35.6 percent higher than the national average. In Berlin, on the other hand, they are 27.9 percent below the average and are therefore the cheapest.

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