Gas prices skyrocket (AGAIN!) as Russian pipeline shuts down

Remember the good old times (last week) when gas prices were going down? Well, on Monday morning, they rose up again because the Nord Stream 1 pipeline will remain closed for longer.

After falling slightly by 15% last week, gas prices shot back up by 31% yesterday morning, soon after the stock market opened again, writes Nu.nl.

READ MORE | Gas, electricity, water and more: ultimate guide to utilities in the Netherlands

In other words, on Friday, gas prices fell to €200 per MWh, and now they’re at €280 per MWh. To put into perspective just how expensive both rates are, last year, prices were only below €30 per MWh.

Nord Stream 1 pipeline closes

On Wednesday, the pipeline closed due to a three-day maintenance check. However, after the overhaul, Russia reported that the workers discovered an oil leak.

As a result, the Nord Stream 1 pipeline is going to be shut down for longer, reports the NOS.

Why is this pipeline affecting gas prices so much? Well, it’s actually the main gas link between Russia and its Western European counterparts.

The plot thickens

While Russia reported problems with the pipeline, Germany believes that the Kremlin shut it down for political reasons.

In fact, the news about the shutdown came right after the G7 countries agreed to impose a price cap on Russian oil, in order to lessen the money being used to finance the war in Ukraine.

Right after Russia reported that the pipeline would need more time to get back on track, gas prices shot up. So, it’s safe to say that matters are looking a bit suspicious right now. 🤔

Dutch residents pay the price

Since fall 2021, rising gas prices have become common in the Netherlands. Now, many Dutch households are struggling to pay in full for gas and electricity.

READ MORE | Customers aren’t prepared for their bills; Dutch energy companies concerned

If gas market prices continue to shoot up, the Central Planning Bureau estimates that about 350,000 people will struggle to cover the high energy bills and soon find themselves below the poverty line.

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Feature Image:Depositphotos
Lea Shamaa 🇺🇸🇱🇧
Lea Shamaa 🇺🇸🇱🇧
Lea has a passion for writing and sharing new ideas with the world. She enjoys film photography, Wes Anderson movies, fictional books and jazz music. She came to the Netherlands in 2019 for her media studies and has fallen in love with the country and its culture ever since. She loves to ride her bicycle in the city but also feels the need to overtake everyone on the bike lane (she's working on it).

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