Unlock Premium Data: Up to 50% Off InvestingProCLAIM SALE

Engie Says Gazprom to Reduce Gas Deliveries Starting Tuesday

Published 08/30/2022, 02:38 AM
Updated 08/30/2022, 02:54 AM
&copy Bloomberg. An Engie SA logo sits on display at the French energy giant’s Crigen gas, new energy and emerging technology research and development center in Stains, France, on Tuesday, Sept. 22, 2020. Veolia Environnement SA last month offered to buy 29.9% of Suez SA from French utility Engie for 2.9 billion euros ($3.4 billion), the first step to taking full control. Photographer: Cyril Marcilhacy/Bloomberg
ENGIE
-
GAZP
-
OGZPY
-

(Bloomberg) -- Russian energy giant Gazprom PJSC (OTC:OGZPY) has informed Engie SA (EPA:ENGIE) of a reduction in gas deliveries starting Tuesday because of disagreements over some contracts, the French utility said, signaling a further squeeze in Europe’s energy supplies.

The announcement follows Monday’s call from French Prime Minister Elisabeth Borne for businesses to cut energy use or face possible rationing this winter if Russia halts gas deliveries. 

“As previously announced, Engie had already secured the volumes necessary to meet its commitments towards its customers and its own requirements, and put in place several measures to significantly reduce any direct financial and physical impacts that could result from an interruption to gas supplies by Gazprom (MCX:GAZP),” the company said in a statement Tuesday.

Gazprom’s deliveries to Engie had already decreased “substantially” since the beginning of the war in Ukraine, with recent monthly supply of about 1.5 terawatt-hours, the company based near Paris added. That compares to the group’s total annual supplies in Europe above 400 terawatt-hours, it said.

Gazprom plans to halt supplies on the Nord Stream pipeline to Germany from Aug. 31 for three days of planned maintenance.    

©2022 Bloomberg L.P.

© Bloomberg. An Engie SA logo sits on display at the French energy giant’s Crigen gas, new energy and emerging technology research and development center in Stains, France, on Tuesday, Sept. 22, 2020. Veolia Environnement SA last month offered to buy 29.9% of Suez SA from French utility Engie for 2.9 billion euros ($3.4 billion), the first step to taking full control. Photographer: Cyril Marcilhacy/Bloomberg

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.