Europe has always relied on gas-fired power stations for its energy demands. The geopolitical tension over Ukraine has resulted in Russia dropping its gas exports, which have directly impacted the region’s energy cost. According to a report by Oslo-based Rystad Energy, the spot prices for gas at the Title Transfer Facility (TTF) gas hub in the Netherlands were an average of US$46 per Megawatt-hour (MWh) in 2021. The TTF pricing is a reference point for Western Europe’s gas prices and has risen sharply after the conflict in Ukraine this year. The TTF pricing at the time of the report was US$134 per MWh, a steep increase of 187 percent. Europe prepares for gas-fired winterAs winter months roll in, Europe is likely to face a tough time again. Gas prices may not reach the highs of US$330 per MWh as they did in August, but with the conflict showing no signs of abating, Russian gas exports…
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