EU Ministers meet today to agree to the planned measures to ease the surging energy prices. The measures in focus are a reduction of electricity demand, a cap on profits from energy producers with cheap input costs and a tax on excess profits from fossil fuel companies. A cap on gas prices will not be agreed today.
- TTF prices are steady after surging earlier in the week due to renewed supply concerns due to rising Russian tensions. The damage to the Nord Stream pipelines has raised energy infrastructure security concerns and means Russian supplies through the pipeline will not resume for quite a while. Supply of Russian gas transit via Ukraine is also at risk if Russian sanction Naftogaz. Gas transit via Ukraine is today up at 43.7mcm/d.
- Norwegian supply is today nominated at 273.7mcm/d as seasonal maintenance has extended into the weekend. High LNG imports are supporting storage injections with total European stocks now up to 88.25% full.
- TTF NOV 22 up 0.3% at 204.35€/MWh