European gas prices soar on planned Nord Stream closure

LONDON — European gas prices soared to a new record high at the close of trading on Friday after Russia's Gazprom announced that the Nord Stream pipeline would be closed for maintenance at the end of the month.

The Dutch TTF Gas Futures contract jumped to a closing high of 257.40 euros ($258.30) amid fears of winter energy shortages after Gazprom said deliveries via the Nord Stream pipeline would be halted for three days.

Russian gas deliveries to Europe through the Nord Stream pipeline will cease from August 31 to September 2 for "maintenance", Russian energy giant Gazprom said on Friday, raising the prospect of energy shortages in Europe.

"It is necessary to carry out maintenance every 1,000 hours" of operation, Gazprom said in a statement.

"On August 31, 2022, the only Trent 60 gas compression unit will be stopped for three days for maintenance" involving technicians from Germany's Siemens, Gazprom said. 

As a result, "gas transportation through the Nord Stream pipeline will be suspended for three days".

At the end of this period, deliveries will be restored to a flow of 33 million cubic metres of gas per day, Gazprom said. 

News of the decision could revive fears of shortages in Europe.

Since Western countries imposed sanctions on Moscow after it launched its offensive against Ukraine, Moscow has repeatedly cut gas deliveries to Europe, which is heavily dependent on Russian supplies.