The price of gas in Europe after the cold snap increased by 10%

The price of the resource at the TTF hub in the Netherlands with shipment in April increased to $ 534.

The cost of gas is rising after the cold snap in Northern Europe and Scandinavia. The day before, extremely low temperatures were reported for this time of year in the UK. The air temperature dropped 5.6 degrees below normal. The country even had to use a backup coal-fired power plant to compensate for the lack of energy, Bloomberg writes.

A similar situation is observed in Norway. In Oslo, there is a drop in temperature by 9.3 degrees below the daily average for this season.

Forecasters predict warming next week, but only in the central part of Europe. It will still be cold in the UK and in Scandinavia.

It's worth reminding that over the past two months, the price of gas in Europe has been declining. This was facilitated by a milder winter than forecasters initially predicted. Electricity and gas consumption was less than expected. The reserves of the resource in underground storages turned out to be at a sufficient level.

In order to put pressure on prices, the EU countries intend to start joint purchases, Bloomberg writes. The agency estimates the demand for gas in European countries at the level of 24 billion cubic meters. Countries plan to conclude contracts with the USA, countries Middle East and Africa.