EU hit with record-high energy prices as bloc accused of ‘protecting producers’ | World | News

The shutdown, to run from August 31-September 2, follows a 10-day maintenance curtailment in July, and raised fears over whether Russia would resume supplies, which have been reduced since mid-June.

Ukraine’s gas transmission system operator said it and the Polish gas pipeline system have the capacity to compensate for the Nord Stream halt, and allow Russian gas to reach Europe.

Germany has had to give Uniper – its largest importer of Russian gas and the highest-profile corporate victim of Europe’s energy crisis so far – a €15 billion bailout after Russia drastically cut flows, forcing it to buy gas elsewhere at much higher prices.

The broader Germany economic impact was highlighted in producer price data on Friday, which in July saw their highest ever increases, both year-on-year and month-on-month, as energy costs skyrocket.

In Belgium, energy prices are also reaching record highs.

READ MORE: Another Russian base up in smoke after explosion – Putin reeling

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