Natural gas prices in Europe increased on Tuesday after Russia reduced natural gas shipments via the Nord Stream pipeline.
Natural gas prices showed a 10.12% increase on Tuesday, up from €176.6 ($179.1) at closing on Monday.
The price of natural gas per megawatt-hour for August contracts in Europe, trading on the Netherlands-based virtual natural gas trading point (TTF), rose to €194.5 ($197.2) at 4.00 p.m. local time (1300 GMT) on Tuesday.
Russian energy company Gazprom announced on Monday that natural gas flow through the Nord Stream pipeline had decreased due to maintenance on the Siemens turbine engine at the Portovaya compressor station, which is essential for transiting Russian gas to Europe via Germany.
The company confirmed that exports via the pipeline would be cut from 40% to 20% due to turbine problems.
However, before a meeting of energy ministers of EU member states in Brussels on Tuesday, EU Commission Member for Energy Kadri Simson refuted Russia’s explanation for the fall in gas shipments to Europe, saying, it is 'a politically motivated step.'
Meanwhile, EU energy ministers on Tuesday reached an agreement to decrease the bloc's gas consumption.
The energy ministers convened to discuss the winter emergency plan of the European Commission, during which EU member states were asked to reduce their natural gas consumption by 15% between August and March.
By Zeynep Beyza Kilic
Anadolu Agency
energy@aa.com.tr