Bloomberg: Britain temporarily halted gas exports to Europe
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The UK has suspended gas exports to Europe via a pipeline that passes through Belgium, this is due to equipment failure, writes Bloomberg, citing the Interconnector gas pipeline operator.
Gas supplies, as specified by the operator, were stopped on the evening of March 4. Exports are expected to resume after March 8.
Bloomberg notes that this pipeline has become an important source of supplies to the European Union after a sharp reduction in gas exports from Russia. According to the agency, flows from the UK decreased last week due to a sharp cold snap, which increased domestic demand for fuel. Gas storages in the EU are filled more than usual, but the stoppage of exports could lead to the fact that Europe will begin to use up its reserves, the material says.
This week, exchange prices for gas in Europe for the first time since the end of August 2021 sank below $500 per 1000 cubic meters m, according to the London Stock Exchange ICE. The decline in gas prices is largely due to the warm weather that has settled in the European region, as well as significant reserves in European underground gas storage facilities. UGS facilities in Europe are now filled to about 60%, which is 21.46 percentage points higher than the average for the date of March 3 over the past 5 years.
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