Sad news "arrives" in European gas market, prices increase sharply

Natural gas prices in Europe rose as much as 8.3% to above 40 euros per megawatt hour on October 9.

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A station of the Balticconnector gas pipeline. (Source: Balticconnector)

According to Reuters news agency, on the night of October 8 (local time), the Balticconnector gas pipeline from Finland and Estonia detected a leak.

The operators of the gas pipeline said they were temporarily suspending operations on a section connecting Finland and Estonia.

“I don’t want to speculate about the cause of the leak,” said Janne Gronlund, senior managing director of Finnish energy company Gasgrid. “The gas supply remains stable and measures have been taken to isolate the suspected leaking section of the pipeline to prevent further gas leakage.

At the time of the incident, the pipeline, which is capable of flowing in either direction depending on demand, was transporting approximately 30 gigawatt hours of gas per day from Finland to Estonia."

While the current incident appears to be under control, it comes as the Northern Hemisphere enters its heating season, leaving the region more vulnerable to supply disruptions.

Energy systems have been put on high alert following an explosion on Russia's Nord Stream pipeline to Germany last year, also in the Baltic Sea.

Moreover, gas prices also closely followed the rise in crude oil prices, which rose sharply after the attack on Israel over the weekend, which risks raising tensions in the Middle East.

Source