Novak predicted the continuation of high gas prices in Europe

MOSCOW, 14 Oct – PRIME. Russia sees no prerequisites for the return of gas prices in Europe to previous levels in the near future, said Russian Deputy Prime Minister Alexander Novak.

“It is not known what will happen next, but today, in the future, in the near future, we do not see any prerequisites for gas prices (in Europe – ed.) to return to the levels that they used to be,” Novak said during a panel discussions within the Russian Energy Week.

A noticeable increase in the cost of gas in Europe began in the spring of 2021, when the average spot price according to the TTF hub index fluctuated in the range of $250-$300 per thousand cubic meters. At the end of the summer, the value of the contract with “day ahead” delivery exceeded $600, and in early October it was already $1,000. The quotations overcame the $2,000 mark on the London ICE stock exchange in December.

The price record of $3,892 per thousand cubic meters was reached on March 7 this year. By mid-October, quotes fell to the level of 1500-1700 dollars.

Russian Energy Week takes place in Moscow from 12 to 14 October. RIA Novosti acts as an information partner of the forum.