Russia shuts off gas supply to some EU member states

Focus week 18: The gas dispute between Russia and the West escalated further last week, when Russia decided to stop gas supplies to Poland and Bulgaria. This news was received with relative calm in the market.

Here and now

Low wind power production led to a week of relatively high electricity prices in the Nordic region. The average Nordic system price for week 17 was EUR 158.16/MWh, an increase of 40% compared to the previous week. In addition to the low levels of wind power production, the delayed snow melting in Norway is also helping push Nordic prices up. The war in Ukraine and the uncertainty surrounding European gas supplies continued to set the scene in the forward market, and the 2023 system contract reached new record highs throughout the course of the week.

Read Focus here.