EnergyWatch

EU utility pain worsens as Russian gas jumps most in 7 years

The International Monetary Fund reports that rates for Russian fuel at the German border made a big jump last month and analysts say that they may increase even further.

Rates for Russian fuel at the German border last month jumped the most in seven years, extending their gain since September to almost 50 percent, according to the International Monetary Fund. The price of fuel from Moscow-based Gazprom PJSC may increase further even as prices on traded hubs decline, according to analysts including Deutsche Bank AG.

That's bad for European utilities from Italy's Eni SpA to France's Engie SA, which are already grappling with a slump in power prices and the need to spend billions on upgrading grids and old plants. While the Russian supplier says changes in its export price reflect moves in both oil and gas-hub rates, a link with crude still dominates, Deutsche Bank analyst Pavel Kushnir said.

Read the whole article

Get 14 days free access.

No credit card is needed, and you will not be automatically signed up for a paid subscription after the free trial.

  • Access all locked articles
  • Receive our daily newsletters
  • Access our app
An error has occured. Please try again later.

Get full access for you and your coworkers.

Start a free company trial today

More from EnergyWatch

Norway awards more than 50 new oil licenses

Norwegian oil giant Equinor has received almost half of the new licenses on the Norwegian continental shelf where there is still significant interest in new oil and gas deposits.

Further reading

Related articles

Latest News

See all jobs