15/11/2024 (Agence Europe) – The price of natural gas in Europe reached its highest level for a year on Thursday 13 November, after Austrian gas company OMV warned that it could receive less gas from Russia. On Thursday, the price rose by 5% to over €45 per megawatt-hour on the main Dutch futures market (TTF). In a statement, OMV said it expected its contract with Russian gas company Gazprom to deteriorate, or even a “halt to gas deliveries”, after winning an arbitration case against the company in connection with the halt in deliveries in 2022. The bill for Gazprom amounts to €230 million. Although OMV insists that it has diversified its supplies and that it will be able to “deliver the full planned volumes of gas to its customers”, the warning has unsettled the European gas market, which is still highly volatile. (PLD)