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European natural gas prices spike after Germany declares 'alarm' stage of emergency gas plan as Russia cuts supplies to Europe
11 days ago | By Business Insider
Robert Habeck, Germany's Federal Minister for the Economy and Climate Protection. Michael Kappeler/picture alliance via Getty Images
European natural gas futures jumped Thursday after Germany entered the "alarm" phase of its gas emergency plan.
Berlin said Russia's reduction of gas supplies is an attack on Europe's largest economy.
Germany is now in the second of three levels of its emergency plan that responds to lower gas inflows.
European gas prices surged Thursday as Germany raised the alert on its supply crisis, highlighting the impact of Russia's reduced flows into the region in the...
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Russia still earns about 100 million euros per day in gas exports to Europe despite 75% cut to supply
11 days ago | By Business Insider
Gazprom Neft's HAKURYU-5 drilling rig develops offshore oil field in Sea of Okhotsk. Yuri Smityuk\TASS via Getty Images
Russia's state-run Gazprom is still making roughly 100 million euros per day from gas exports to Europe.
That's as much as year-ago levels even as Russia has slashed gas flows to Europe by 75%.
The Kremlin's consistent revenues come as natural gas prices have soared in the past year.
Russia's revenue from natural gas exports to Europe is holding steady as soaring prices offset a steep cut in supplies delivered to customers. The Kremlin's state-run Gazprom is still getting...
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Germany declares natural-gas shortage after Russia throttled its supply over the Ukraine war
11 days ago | By Business Insider
German Economic Minister Robert Habeck at a press conference in Dusseldorf, Germany. Roberto Pfeil - Pool/Getty Images
Germany says its gas is in short supply. Russia started cutting gas flows to the country on June 14.
A minister said Thursday that Germany was moving into the 2nd of its 3-step emergency plan for gas supply.
The final step would see the German government allocating gas in the country.
Germany declared a natural-gas shortage on Thursday after Russia throttled its supply over the invasion of Ukraine. Robert Habeck, the country's minister for economic affairs, told a press...
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