Russia gas exporter, Gazprom announced on Tuesday 14th June that it was reducing gas deliveries via the Nord Stream pipeline after German company Siemens failed to return 5 out of 8 gas pumping units taken for repair to its Portovaya compressor station on time. With the reduced gas supplies of up to 100 million cubic meters daily, it is a 40% cut from planned daily volume of deliveries at 167 million cubic meters. Gas price in EU has spiked nearly 11% on the news, based on data from London ICE exchange. This new spike in gas price may ripple globally and result in persistently high, if not higher electricity tariff in Q3 hence further worsening the key reason for $KEPPEL DC REIT(AJBU.SI)$drop in earnings and its unit price.
Comments