Russian-gas – pipeline-blast 21-12-202

Russian-gas – pipeline-blast

-Russian gas flows to Europe unaffected after pipeline blast

Russian gas flows are continuing via alternative links after an explosion occurred at a pipeline that goes to Ukraine for further supplies to Europe.

“Transportation of gas is provided to consumers in full through parallel gas pipelines,” the local unit of Russian gas producer Gazprom PJSC said in a statement.

The explosion happened at a section of the Urengoy-Pomary-Uzhgorod link in Russia’s region of Chuvashia. A fire was extinguished after the incident, which reportedly happened during scheduled maintenance, according to local emergency services.

The Urengoy-Pomary-Uzhgorod is one of the oldest gas conduits linking Russia and Europe through Ukraine. Gas flows via Ukraine are closely watched by the market as it remains the last route delivering Russian fuel to Western Europe amid deteriorated relations over the Kremlin’s war in Ukraine. Russian-gas – pipeline-blast

Dutch front-month gas futures, Europe’s benchmark, briefly surged as much as 6.6% on the explosion reports before erasing those gains. The contract traded 1.6% lower at €106.78 (RM502.23) a megawatt-hour by 3.25pm in Amsterdam, following the statement from Gazprom’s unit.

Gas nominations for Wednesday transit via Ukraine so far remain unchanged, according to the nation’s grid data.

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Russian-gas – pipeline-blast

-Two EU officials said only Hungary voted against the price cap.

The Netherlands and Austria abstained. Both had resisted the cap during negotiations, fearing it could disrupt Europe’s energy markets and compromise Europe’s energy security.

Dutch energy minister Rob Jetten said: “Despite progress the last couple of weeks, the market correction mechanism remains potentially unsafe.”

“I remain worried about major disruptions on the European energy market, about the financial implications and, most of all, I am worried about European security of supply,” he added.  Russian-gas – pipeline-blast

The EU proposal has also drawn opposition from some market participants, who have said it could cause financial instability.

The Intercontinental Exchange (ICE) (ICE.N), which hosts TTF trading on its Amsterdam exchange, last week said it could move TTF trading to outside of the EU if the bloc capped prices.

On Monday, it said it will assess whether it can continue to operate fair and orderly markets for TTF gas hub trading. For now, ICE TTF markets will continue trading as normal.

The front month TTF gas price closed trading on Monday 9% lower, at 107 euros/MWh, Refinitiv Eikon data showed. Russian-gas – pipeline-blast

The contract hit a record high of 343 euros in August – a price spike that prompted the EU to move ahead with its price cap.

Italy’s energy authority ARERA expects further increases in gas prices as the winter season kicks in, its President Stefano Besseghini said on Monday. Russian-gas – pipeline-blast

Meanwhile, Russia’s Kremlin spokesman Dmitry Peskov said the cap was an attack on market pricing, and unacceptable, Russia’s Interfax news agency reported.

The deal follows months of debate on the idea and two previous emergency meetings that failed to clinch an agreement among EU countries that disagreed on whether a price cap would help or hinder Europe’s attempts to contain the energy crisis.

Roughly 15 countries, including Belgium, Greece and Poland, had demanded a cap below 200 euros/MWh – far lower than the 275 euros/MWh trigger limit originally proposed by the European Commission last month.

Poland’s prime minister said the price cap would end Russia and Gazprom’s ability to distort the market.

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Russian-gas - pipeline-blast

Russian-gas – pipeline-blast

Plastic-Recycling – PLA – CO2-emissions 21-12-202

Russia sanctions – Gas-price 15-12-2022

Russia sanctions – Gas-price

-EU leaders tackle discord over support for industry, Russia sanctions

European Union leaders met on Thursday to try and resolve some of their outstanding disagreements before the year ends, from ways to defend their industry against subsidy-fuelled U.S. competition to new sanctions against Russia and a gas price cap.

In a summit overshadowed by a corruption scandal that emerged in the EU parliament over the past week, leaders were also faced with Poland holding up a deal on minimum corporate tax and, by extension, an 18 billion euro loan to Ukraine.

After Belgian prosecutors charged Eva Kaili, a Greek member of the EU chamber, and three others for accepting bribes from World Cup host Qatar, European Parliament chief Roberta Metsola said the assembly “is not for sale”. Russia sanctions – Gas-price

She said the house would have an in-depth review of how it deals with third countries and would reinforce whistleblower systems. Qatar and Kaili have denied any wrongdoing.

The EU leaders’ meeting in Brussels then turned to seeking a joint response to the U.S. Inflation Reduction Act (IRA) – $430 billion worth of tax breaks for green energy.

UK announces new sanctions against Russia and Iran

Poorer EU countries want a coordinated response and warned richer member states like Germany against supporting their industries without showing solidarity with the rest of the bloc.

“We are in Europe at a point when we risk being deindustrialised, and today our answer is not a common answer,” Belgian Prime Minister Alexander De Croo said.

“Today we see that too often countries are trying to install schemes on their own. It looks a bit like a game of the deepest pocket.”

No deal is expected on Thursday, but the leaders are set to ask the EU’s executive Commission to make proposals early next year to prop up the bloc’s industry.

Commission President Ursula von der Leyen has proposed loosening state aid restrictions in renewable energy and clean-tech because the IRA could lead to unfair U.S. competition.

“We need to give our answer, our European IRA,” she said.

Fighting rages in east Ukraine, West eyes more sanctions on Russia

Different approaches over how to defend industry come at the end of a year when the EU closed ranks to support Ukraine after Russia’s invasion, but often struggled to agree how much pressure to put on Moscow, including through economic sanctions.

Russia sanctions

While the EU’s response to IRA will be shelved for a later summit, leaders will make another push at agreeing on a ninth package of Russia sanctions.

Any decision requires unanimity and the EU’s Russia hawks Poland and Lithuania have warned proposed exceptions for food security might in fact benefit Russian oligarchs in the fertilizer business. Russia sanctions – Gas-price

Lithuanian President Gitanas Nauseda said it was important to keep the sanctions as strong as possible. “We are a little bit concerned with attempts to weaken the sanctions under the cover of food security,” he said.

Ukraine urges EU to sanction Russia’s missile industry

The leaders are not expected to hold in-depth talks on the EU’s struggle to agree a natural gas price cap, but rather ask their ministers to “urgently finalise” the work when they meet again on Monday, the draft of the summit conclusions said.

Separately, Poland was holding up the EU’s formal adoption of a minimum corporate tax for large companies and, by extension, also blocking a whole package of other deals, including financing for Ukraine in 2023.

Polish Prime Minister Mateusz Morawiecki said his country was subject to “blackmail” by its EU counterparts pushing to accept the package as a whole.

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Russia sanctions - Gas-price

Russia sanctions – Gas-price

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