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NATGAS: EU Industry Risk from Gas Volatility and Supply Disruptions: Gazprom CEO

NATGAS
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The European gas market is in “bad” shape, with damage to its own industrial sector by artificially destroying demand for gas, Gazprom CEO Alexey Miller said. 

  • Production in industry sectors is declining by as much as 10% while their costs spiral due to gas price volatility, he warned. European industries can’t be competitive with electricity and gas prices several times higher than the US.
  • “The process of Europe’s de-industrialization will continue.”
  • “Volatility on the gas market will increase even more and, what is most unpleasant, such a policy and such a situation in the European gas market could lead to a new gas price shock and to supply disruptions.”
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The European gas market is in “bad” shape, with damage to its own industrial sector by artificially destroying demand for gas, Gazprom CEO Alexey Miller said. 

  • Production in industry sectors is declining by as much as 10% while their costs spiral due to gas price volatility, he warned. European industries can’t be competitive with electricity and gas prices several times higher than the US.
  • “The process of Europe’s de-industrialization will continue.”
  • “Volatility on the gas market will increase even more and, what is most unpleasant, such a policy and such a situation in the European gas market could lead to a new gas price shock and to supply disruptions.”