October 4, 2022

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Gas, falling prices. Moscow attacks Europe over the Cingulani plan

Milan – The light is always on Gas in Europe then Gazprom I decided to extend the pipeline closure Nord Stream thus effectively suspending the supply to the continent. In the Amsterdam Ttf market, the reference for exchanges, in the morning compared to yesterday’s close at 240 euros per megawatt-hour, values ​​fell to 218 euros (-11%), regaining their levels on Friday, after the jump that immediately followed. The Russian announcement of a supply shutdown via Nord Stream 1. A drop was also confirmed in the afternoon negotiations, with the market at this point believing the EU could vote on a gas price cap agreement.

The European Union wants to “control” the gas market in Amsterdam

The introduction of a gas price cap will not be the only proposal from Brussels that will be discussed in European Council of Energy Ministers September 9th. There will also be a “decoupling” of energy markets from the gas market and a series of financial aid to states to support businesses and families in the face of high bills. But there is another novelty that will appear on the ministers’ table that will surely cause a debate: the exercise of greater control over the Inanziatio gas market, of which Amsterdam is its reference center in Europe.

The European Commission will study the possibility of intervening in property transfer facility (In other words TTF), where the gas reference price is fixed, which is used in the vast majority of deals. Including between Gazprom and its customers in the union.

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It can be read in a document that will be submitted to the European Council: Among the options being considered is the possibility of “financial supervision of the FTT” bynounThe European Financial Instruments and Markets Authority, established in 2011, is tasked with supervising the financial markets in the European Union.

The goal of this step? “Avoid potential speculative moves” and the premise of “developing more standards” for Ttf “complementary” gas to “ensure better market performance” and better respect for differences between countries. In other words, greater control over the market that determines the economic destiny and not just the economic destiny of the European Union, which strengthens its rules of operation.

Moscow attacks Europe: “Singolani’s plan was imposed by the United States and the European Union”

Meanwhile, a new attack on Europe arrives from Moscow. The Italian plan to reduce dependence on Russian energy sources, drawn up by the Minister of Environmental Transition Roberto Cingolani, “is imposed by Brussels, which in turn is acting on orders from Washington, but in the end it will be the Italians who will do it. It will be the Italians who will do it. It will be the Italians who will do it,” Russian Foreign Ministry spokeswoman Maria Zakharova wrote in a post On Telegram. “Rome pushes economic suicide due to the madness of Euro-Atlantic sanctions,” the result of which will be that Italian companies “will be destroyed by “brothers” from abroad,” since American companies today “pay seven times less for electricity,” Zakharova added. Sanctions are an instrument of unfair competition” against Italian producers, according to which “when Italian companies collapse, they will be bought cheaply by the Yankees.”

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Intervention comes a few hours after the Russian Energy Minister Nikolai Shulginov, which states that “Europe has no one to rely on but the Americans, who are increasing LNG production,” and if it “plans to completely abandon Russian gas supplies,” reaching the goal must be safe “so that it can do so by 2027″. Shulginov, speaking to the Eastern Economic Forum, added that the European program for energy independence from Russia would have different consequences. He pointed out that “the pricing situation in itself confirms that it is not that easy.”
He concluded: “Moreover, it will lead to a setback in the sector, including the production of chemicals and gases. It will be a whole new life for the Europeans. This is too much for them.”

Moths plan to contain natural gas consumption