Europe

Sweden reaches record electricity prices as Russia’s Nord Stream pipeline is closed for maintenance

https://sputniknews.com/20220712/sweden-hits-record-electricity-prices-as-russias-nord-stream-pipeline-closed-for-maintenance–1097210467.html

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According to Rebecca Bergholtz, an analyst at the Swedish Energy Agency, there are significant concerns about the future of natural gas supply in Europe ahead of the winter season, which is likely to sustain and contribute to a strong price reaction. ..

Electricity prices across Sweden have reached record levels, peaking in the southern part of the country and in the Stockholm metropolitan area.

There, it exceeded SEK 6 (56 cents) per kWh, in contrast to the usual July price of about 40 ole (about 4 cents).

“The price in July has never been higher than it is now,” said Emma Borgström, EON’s sales manager. SaidAs quoted by the national broadcaster SVT.

Rebecca Bergholtz, an analyst at the Swedish Energy Agency, agreed that prices are “very high.”

According to Rebecka Bergholtz, there are several reasons behind the soaring and dramatic fluctuations in electricity prices this summer, and it’s difficult to predict when prices will fall again.

One reason is that Russia closed the 1,220-kilometer-long NordStream1 gas pipeline gas to Europe on Monday for maintenance. This happens every year and usually takes two weeks, but European experts are worried that Russia will not turn on gas again. Previously, the Russian company Gazprom had to significantly reduce its NordStream 1 gas supply due to delays in the required turbine maintenance work by German and Canadian companies. This forces Europeans to take advantage of the amount of gas normally reserved for winter, and some countries are considering returning to coal production.

Overall, Europe has suffered soaring gasoline prices over the past few months due to the elucidation of the fuel crisis caused by massive sanctions on Russia. German officials admit that the country’s gas storage facilities are currently only 61% full, less than usual this season. Europe’s largest economy stores gas for only two months if delivery from Russia is stopped.

Gas Cooker-Sputnik International, 1920, 11.07.2222

Gas supply via Nord Stream interrupted on Monday, pipeline operator data show

In addition, gas flow from Norway, Europe’s second largest gas provider, is currently constrained by unplanned maintenance work. Also, the weather in Sweden has been mild for several days, adversely affecting wind power.

“There is great concern about what the supply of natural gas will look like in Europe in the future, especially before and during the coming winter. This concern is likely to continue in the next season and is a strong price reaction. It contributes to this, “explained Rebecka Bergholtz.

In addition, Sweden and Finland’s nuclear power plants have also entered the maintenance season and are now affecting nuclear power, Bergholtz explained. This trend is reflected by other major nuclear power plants, as maintenance of French nuclear power plants has also pushed up electricity prices in Europe, both planned and unplanned. Finally, coal prices are also higher than normal due to coal bans from Russia and shipping issues from Australia.



https://sputniknews.com/20220712/sweden-hits-record-electricity-prices-as-russias-nord-stream-pipeline-closed-for-maintenance–1097210467.html Sweden reaches record electricity prices as Russia’s Nord Stream pipeline is closed for maintenance

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