The price of European gas has rebounded as much as 13 percent today, towards 164 euros per megawatt hour. The cause is the expectation of very cold weather in the coming period, which could lead people to consume more gas. However, the gas price was more than 6% lower than the day before.
Gas price volatility is linked to a combination of factors. On the one hand, cold weather is expected which will increase gas demand. Furthermore, the European energy ministers are working on a proposal to set a price limit for the purchase of gas. Seven EU member states today presented a new proposal for it, writes Bloomberg.
A consensus on measures to combat high energy prices has not yet been reached within the EU. Many countries are able to introduce measures at the national level, but there is certainly no agreement at the European level. Due to the energy crisis, in which Russia, among other things, cuts off the gas supply to Europe, countries have to look for alternative energy supplies. These are found, among other things, in LNG, liquefied gas. Countries are also trying to urge their citizens to use less energy to cut costs.
Source: BNR
Andrew Dwight is an author and economy journalist who writes for 24 News Globe. He has a deep understanding of financial markets and a passion for analyzing economic trends and news. With a talent for breaking down complex economic concepts into easily understandable terms, Andrew has become a respected voice in the field of economics journalism.
