Analysis reveals extreme gas price spikes and supply disruptions in Europe, indicating severe energy security issues.
After Russia invaded Ukraine on February 22, 2022, two figures shocked Europe's natural gas market. These were the €339/MWh intraday price ($97/MMBtu) of the Title Transfer Facility (TTF) gas futures contract on August 26, 2022, and zero flows of Russian natural gas from the existing Nordstream 1 pipeline by early September 2022 ( Figure 1 ). Unknown entities sabotaged the Nordstream 1 and the newly completed Nordstream 2 pipelines on September 26, 2022. 1
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Stafilopatis et al. (2025) studied this question.
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