Gas prices are soaring, gaining over 13% at the Amsterdam hub, the European benchmark for the commodity. Germanlaunched alert on Russian supplies drives up gas price The federal government has raised the alert level on Russian gas supplies on the basis of the contingency plan developed to deal with a possible disruption in supplies from Russia The gas price has jumped to 122 euros per megawatt hour at TTF (+ 13%).
The decision to raise the alert level, Economy Secretary Robert Habeck said, comes after the G7 said they did not intend to pay Moscow for gas in rubles, as demanded by the Kremlin. The early warning led to the activation of a crisis team within the ministry to monitor the situation. Habeck emphasized that there was no supply problem for the time being. Nonetheless, he added, we must step up precautionary measures to be prepared for a possible Russian escalation.
The Crisis Team
The crisis team includes experts from the ministry, the network operator and the sales companies. It is your job to monitor developments in order to initiate further measures to increase security of supply if necessary. The minister noted that German gas stocks are currently at 25% but the key question, he added, is where they will be in the autumn. Habeck then reiterated that Germany would not accept any breach of the treaty, including Russia’s demand to be paid in rubles rather than euros or dollars.