EADaily, November 14th, 2024. The price of gas in Europe exceeded $ 500 per thousand cubic meters. A new movement was given to her by news from Austria, where OMV announced the winning of compensation from Gazprom in arbitration and plans to receive it from payments that Austrians make for Russian gas on a monthly basis.

European gas futures jumped to their highest level in a year. This was due to fears that Gazprom may cut off supplies to Austria, Bloomberg reports. Futures on the TTF hub in the Netherlands rose by 3.

Austrian energy player plans to enforce arbitration award from Russian company revenues for remaining exports to Europe

On Wednesday, OMV said it had received an arbitral award of more than 230 million euros ($243.06 million) from the International Chamber of Commerce (ICC) due to irregular gas supplies to its unit in Germany from Gazprom which ended in September 2022.

In June, German utility Uniper was awarded more than €13 billion in damages for undelivered Gazprom gas. While landlocked countries in central Europe can access LNG, including via new terminals quickly set up in Germany and the Netherlands at the height ...