Russian gas is not scheduled to flow via Ukraine to Europe on January 1, data from Ukraine's gas pipeline operator showed (Olexander ZOBIN / AFP)
KYIV, Ukraine: Russian gas is not scheduled to flow via Ukraine to Europe on January 1, data from Ukraine's gas pipeline operator showed Tuesday, as a key transit deal between Moscow and Kyiv nears its end.
Ukraine has been allowing Russia to pipe gas to Europe via its territory under a five-year deal signed in 2019, but Ukrainian President Volodymyr Zelensky has ruled out extending it amid Russia's invasion.
It will expire early on Wednesday.
Data from Ukrainian operator OGTSU showed deliveries via the only entry point for Russian gas into Ukraine dropping to zero as of January 1, 2025.
Meanwhile, European natural gas prices climbed above 50 euros ($51.78) per megawatt hour for the first time in over a year on Tuesday as buyers in Eastern Europe braced for the halt in supplies.
Russian gas accounted for less than 10 percent of the European Union's gas imports in 2023.
But some EU members still depend largely on Russian gas for geographical and political reasons.
EU and NATO members Hungary and Slovakia have maintained close ties with the Kremlin despite the invasion.
The halt in Russian gas transit through Ukraine will see countries dip deeper into their reserves and seek to import more liquefied natural gas (LNG).
Colder weather, plus overcast skies and weak winds that have stymied production of renewable energy have seen countries dip further into their natural gas reserves than last year.
EU nations on average have their gas storage facilities 73 percent full, considerably below the 86 percent at the same point last year, according to the Aggregated Gas Storage Inventory (AGSI) platform.
A colder-than-anticipated winter or further delays in LNG projects "could see prices tighten further throughout the coming months", getting closer to 60 euro per megawatt hour, according to Capital.com analyst Daniela Sabin Hathorn.
Ukraine has been allowing Russia to pipe gas to Europe via its territory under a five-year deal signed in 2019, but Ukrainian President Volodymyr Zelensky has ruled out extending it amid Russia's invasion.
It will expire early on Wednesday.
Data from Ukrainian operator OGTSU showed deliveries via the only entry point for Russian gas into Ukraine dropping to zero as of January 1, 2025.
Meanwhile, European natural gas prices climbed above 50 euros ($51.78) per megawatt hour for the first time in over a year on Tuesday as buyers in Eastern Europe braced for the halt in supplies.
Russian gas accounted for less than 10 percent of the European Union's gas imports in 2023.
But some EU members still depend largely on Russian gas for geographical and political reasons.
EU and NATO members Hungary and Slovakia have maintained close ties with the Kremlin despite the invasion.
The halt in Russian gas transit through Ukraine will see countries dip deeper into their reserves and seek to import more liquefied natural gas (LNG).
Colder weather, plus overcast skies and weak winds that have stymied production of renewable energy have seen countries dip further into their natural gas reserves than last year.
EU nations on average have their gas storage facilities 73 percent full, considerably below the 86 percent at the same point last year, according to the Aggregated Gas Storage Inventory (AGSI) platform.
A colder-than-anticipated winter or further delays in LNG projects "could see prices tighten further throughout the coming months", getting closer to 60 euro per megawatt hour, according to Capital.com analyst Daniela Sabin Hathorn.
( Source : AFP )
Next Story
