Kremlin spokesman Dmitry Peskov on Wednesday said that a rapid start-up of the Nord Stream 2 pipeline would help calm down soaring gas prices in Europe. Last week, Gazprom announced the completion of the $11-billion project. However, the start of gas flows has to wait for approval from German and EU regulators, which could take up to four to eight months.
On Wednesday, spot prices in the Dutch TTF gas hub hit a fresh record of €79 per MWh, or more than $960 per thousand cubic metres amid low inventories. As a result, European electricity costs surged to multi-year highs. Analysts said electricity prices in Europe would unlikely ease toward the end of the year, foreshadowing a costly winter heating season for consumers.
