Panic in Europe over rising gas prices

European customers are in panic over the sharp increase in the cost of electricity due to the minimum level of gas reserves in underground storage facilities, Report informs referring to Kommersant newspaper.

According to the newspaper, Europe is very sensitive to any changes in the volume of gas supplies from Russia’s Gazprom.

Managing Director of Russia’s National Rating Agency (NRA) Rating Service Sergei Grishunin said that the country’s biggest coal-fired power plants are provided with coal for 15 days, while the winter standard is two months. He said that the country will increase purchases of export coal by 50-80 million tons by the end of the year.

On September 27, Gazprom signed two contracts with Hungary for the supply of gas until the end of 2036. It is assumed that the Russian company will sell 4.5 billion cubic meters of gas per year to Budapest, which will be supplied to Hungarian territory through Serbia and Austria. On October 1, Gazprom announced the termination of the transit of Russian gas to Hungary through the territory of Ukraine. Kyiv lost the opportunity to import gas from Hungary using a virtual reverse scheme, which involved the selection of transit gas intended for Budapest.