European gas reference prices (TTF) jumped 4%, to exceed 45.05 euros. after the Austrian company OMV warned on Wednesday evening against a possible power outage by Russia. This option, already in the air for some time, could be put forward due to a judgment against Gazprom which forces it to pay 230 million euros. euros to the Austrian company. A disagreement that could accelerate everything.
“The execution of the claim for damages is expected to have a possible negative impact on the contractual relations within the framework of the Austrian supply contract between OGMT and Gazprom Export, in particular a possible stoppage of gas deliveries“, OMV said. The company still receives about five terawatts of Russian gas via the only operational eastern gas pipeline, the Soyuz, which passes through Ukraine. The company said it was preparing for “small losses exceptional” linked to this event.
At the start of 2024, Russian gas supplies represented only 15% of Europe’s total exports (compared to 40% in 2021). However, despite this general disconnect, in several countries, such as Austria and Latvia, Russian gas accounts for 80% of all their exports. In the case of Hungary, it is still two thirds and in Slovakia, 60% comes from the Eurasian giant.
In this sense, even if it is not a critical blow for the continent, the supply from Russia is a determining factor for these Eastern countries, which still live off the only operational gas pipeline. Regardless, this actually represents greater pressure for the EU as a whole, where the price of gas is rising and is already at its highest level since November 2023. Today, despite the fact Although the reserves of the old continent are almost completely filled, it seems that temperatures colder than those of recent years will increase demand.
