The German government’s budget committee has approved a credit line worth €15 billion to gas market area operators to purchase supply for storage, the economy ministry said in a statement.
Germany faces certain recession if faltering Russian gas supplies stop completely, an industry body warned on Tuesday, and Italy said it would consider offering financial backing to help companies refill gas storage to avoid a deeper crisis in winter.
In Baltic States, as well as countries like Finland, Sweden and Germany, electricity prices have increased by 50%, reaching €164.20/MWh in Latvia and €151.37/MWh in Estonia. In Lithuania the average electricity price reached €164.71/MWh, which is an increase by 41% when compared to April.
France’s nuclear reactors are currently operating at less than half their full capacity. This week, they have produced the least electricity at this time of year since at least 2008, according to data compiled by international media.
International media has reported that Europe has started to use gas reserves which were originally meant for the peak of the winter season due this year.
More than 10 billion cubic meters of natural gas has already accumulated in Ukrainian underground gas storage facilities, and these volumes are growing. This development was reported by the Ukrainian Prime Minister Denys Shmyhal on Telegram, as noted by Ukrainian media.