Europe Natural Gas Prices Surge to EUR 29/MWh Following Russian Attack on Ukrainian Facility
Natural gas prices in Europe experienced a significant spike, surpassing 2% to reach 29 euros per megawatt-hour (MWh) on Monday
The EU-sponsored gas transit pipeline Nabucco has achieved much progress so far, Reinhard Mitschek, Managing Director of the Vienna-based Nabucco Gas Pipeline International GmbH said for Novinite.com (Sofia News Agency).
"Nabucco's progress has been very positive so far. This year saw the start of the Environmental & Social Impact Assessment with the first round of public hearings taking place in Hungary and Turkey already, and we have almost finalised the prequalification process for suppliers of long lead items. The Open Season process will start towards the end of 2010," Mitschek said.
"The Final Investment Decision will be taken in 2011 and we expect construction to start in 2012 and the first gas to flow in 2014/2015, depending on the availability of sources. The reason for this slight shift is that we have to align ourselves with the upstream infrastructure and the availability of gas supply. From the suppliers' side sufficient gas flow can be expected from 2015," explained the Managing Director of the Nabucco consortium.
The shareholders in Nabucco, which is slated to carry Caspian region gas 3,000 kilometers to Western Europe, are Botas (Turkey), Bulgarian Energy Holding (Bulgaria), MOL (Hungary), OMV (Austria), RWE (Germany), Transgaz (Romania), each holding an equal share of 16.67%.
The European Union puts high hopes in Nabucco for effecting the much-vaunted European South Energy Corridor in a bid to ensure the security of gas deliveries to Europe and decrease dependence on Russia.
It is seen as a rival to the South Stream gas pipeline project sponsored by Russia, to which Bulgaria is a also a party.
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