ČEZ CFO: Europe has plenty of gas, rising prices are a normal seasonal trend

There is currently enough gas and capacity to process it on the European market, and supplies are not at risk. Martin Novák, CFO of the energy group ČEZ, said this today in an interview with the Czech News Agency (ČTK). He said the current rise in wholesale gas prices is within normal seasonal fluctuations and cannot be compared with last year’s sharp price increases. He pointed out that European gas storage facilities will soon be full, while new terminals for liquefied natural gas (LNG) are also being added.

The wholesale price of gas on the European market rose sharply on Wednesday, topping 40 euros (about 970 crowns) per megawatt-hour (MWh). There are concerns that LNG supplies could be disrupted by strikes at some LNG terminals in Australia, the DPA news agency reported on Wednesday.

„Compared with what happened last year, the current rise in gas prices is mild to negligible. This is a normal seasonal situation,“ Novák said, commenting on the current developments on the exchange.