According to British media reports, UK Prime Minister Rishi Sunak is poised to make a gas deal announcement with the United States after the Cop27 climate change summit.

UK to strike a major gas deal with the US?

<p>Aiming at ensuring electricity prices reflect cheaper renewable energy, the &nbsp;European Union is preparing an emergency plan to separate power prices from the soaring cost of gas.</p>

<p>In order to discuss how to ease the burden of soaring energy prices on businesses and households, energy ministers from the bloc will meet on September 9.</p>

<p>Driven by record gas prices as Russia curbed supply to Europe, European power costs have surged in the last year.</p>

<p>Following Russia's invasion of Ukraine, the West imposed crippling sanctions on Moscow and in retaliation Kremlin cut the gas supply of several members of the bloc.</p>

<p>Following cuts imposed by Russia, gas prices have soared as they are determined by global competition for the fuel.</p>

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<p>Racing to find a short-term solution, the 27 members of the European Union are considering energy market reforms.</p>

<p>With the cheapest sources coming in first, gas plants in Europe set the wholesale electricity price by the last power plant needed to meet overall demand.&nbsp;</p>

<p>To incentivise more investment in renewable generation, the cheaper renewables generators end up with a bigger profit margin.</p>

<p>Resulting in cheap renewable energy being sold to consumers for the same price as costlier fossil fuel-based power, Spain said the system is unfair.</p>

<p>Highlighting the EU needed to decouple the price of gas and power, Commission chief Ursula von der Leyen said that severe drought in the continent has hampered hydropower output and affected coal deliveries.</p>

<p>Rallying support for a cap on the price of gas used to generate electricity, the Czech Republic said it has received support from France to separate the price of electricity from the price of gas.</p>

<p>According to Italy, EU countries should agree on a cap on the price of gas imported from Russia or pay gas companies the difference between the capped price and the higher market price.</p>

<p>Saying it would effectively subsidise fossil fuel generation with public funds that they said would be better spent on the shift to cheaper clean energy, Germany and the Netherlands pointed out other options that could include restricting financial speculators' participation in gas markets.</p>

<p>Rather than a hasty market overhaul, the bloc can target financial support for low-income households and businesses hit hardest by the soaring prices, according to analysts.</p>

<p><em>(With inputs from agencies)</em></p>

<p><strong>Watch WION's live TV here:</strong></p>

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Aiming at ensuring electricity prices reflect cheaper renewable energy, the European Union is preparing an emergency plan to separate power prices from the soaring cost of gas.

Aiming at ensuring electricity prices reflect cheaper renewable energy, the European Union is preparing an emergency plan to separate power prices from the soaring cost of gas. In order to discuss how to ease the burden of soaring energy prices on businesses and households, energy ministers from the bloc will meet on September 9. Driven by record gas prices as Russia curbed supply to Europe, European power costs have surged in the last year. Following Russia's invasion of Ukraine, the West imposed crippling sanctions on Moscow and in retaliation Kremlin cut the gas supply of several members of the bloc. Following cuts imposed by Russia, gas prices have soared as they are determined by global competition for the fuel. × Racing to find a short-term solution, the 27 members of the European Union are considering energy market reforms. With the cheapest sources coming in first, gas plants in Europe set the wholesale electricity price by the last power plant needed to meet overall demand. To incentivise more investment in renewable generation, the cheaper renewables generators end up with a bigger profit margin. Resulting in cheap renewable energy being sold to consumers for the same price as costlier fossil fuel-based power, Spain said the system is unfair. Highlighting the EU needed to decouple the price of gas and power, Commission chief Ursula von der Leyen said that severe drought in the continent has hampered hydropower output and affected coal deliveries. Rallying support for a cap on the price of gas used to generate electricity, the Czech Republic said it has received support from France to separate the price of electricity from the price of gas. According to Italy, EU countries should agree on a cap on the price of gas imported from Russia or pay gas companies the difference between the capped price and the higher market price. Saying it would effectively subsidise fossil fuel generation with public funds that they said would be better spent on the shift to cheaper clean energy, Germany and the Netherlands pointed out other options that could include restricting financial speculators' participation in gas markets. Rather than a hasty market overhaul, the bloc can target financial support for low-income households and businesses hit hardest by the soaring prices, according to analysts. (With inputs from agencies) Watch WION's live TV here: ×

Why is Europe considering energy market reforms?

<p>The Nord Stream 1 key gas pipeline connecting Russia to Europe is in the process of resuming deliveries, the pipeline operator said on Thursday, after it was closed for maintenance earlier this month.</p>

<p>The resumption of operations is likely to provide a major relief to the European countries, who were scrambling to find alternative sources amid concerns that Russia may not resume supplies in retaliation to the western sanctions.</p>

<p>''We are in the process of resuming gas transportation through the pipeline. It can take some time to reach the nominated transport volume,'' a Nord Stream 1 spokesperson told CNN on Thursday.</p>

<p>Klaus Müller, the president of Germany's Federal Network Agency, said on Twitter that the pipeline was running at about 30 per cent of capacity and that this amount was guaranteed for two hours.</p>

<p>But it is unclear whether Russia would supply the same amount of gas over the pipeline as it had been delivering before the shutdown.</p>

<p>Earlier, the European Union has asked member states to cut consumption of natural gas by 15 per cent over the coming months after pipeline was shut down for maintenance.</p>

<p>“Russia is blackmailing us. Russia is using energy as a weapon. And therefore, in any event, whether it’s a partial major cutoff of Russian gas or total cutoff of Russian gas, Europe needs to be ready,” EU Commission President Ursula von der Leyen was quoted as saying.</p>

<p>Though the initial cuts would be voluntary, the commission has asked member states to impose mandatory reductions across the bloc in case Russia pulls the plug suddenly.</p>

<p>“The European Union faces the risk of further gas-supply cuts from Russia due to the Kremlin’s weaponisation of gas exports,” the European Commission said in a statement, reports Bloomberg.</p>

<p>“Taking action now can reduce both the risk and the costs for Europe in case of further or full disruption.”</p>

<p><em>(With inputs from agencies)</em></p>

<p><strong>WATCH WION LIVE HERE</strong></p>

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The Nord Stream 1 key gas pipeline connecting Russia to Europe is in the process of resuming deliveries, the pipeline operator said on Thursday, after it was closed for maintenance earlier this month.

The Nord Stream 1 key gas pipeline connecting Russia to Europe is in the process of resuming deliveries, the pipeline operator said on Thursday, after it was closed for maintenance earlier this month. The resumption of operations is likely to provide a major relief to the European countries, who were scrambling to find alternative sources amid concerns that Russia may not resume supplies in retaliation to the western sanctions. ''We are in the process of resuming gas transportation through the pipeline. It can take some time to reach the nominated transport volume,'' a Nord Stream 1 spokesperson told CNN on Thursday. Klaus Müller, the president of Germany's Federal Network Agency, said on Twitter that the pipeline was running at about 30 per cent of capacity and that this amount was guaranteed for two hours. But it is unclear whether Russia would supply the same amount of gas over the pipeline as it had been delivering before the shutdown. Earlier, the European Union has asked member states to cut consumption of natural gas by 15 per cent over the coming months after pipeline was shut down for maintenance. “Russia is blackmailing us. Russia is using energy as a weapon. And therefore, in any event, whether it’s a partial major cutoff of Russian gas or total cutoff of Russian gas, Europe needs to be ready,” EU Commission President Ursula von der Leyen was quoted as saying. Though the initial cuts would be voluntary, the commission has asked member states to impose mandatory reductions across the bloc in case Russia pulls the plug suddenly. “The European Union faces the risk of further gas-supply cuts from Russia due to the Kremlin’s weaponisation of gas exports,” the European Commission said in a statement, reports Bloomberg. “Taking action now can reduce both the risk and the costs for Europe in case of further or full disruption.” (With inputs from agencies) WATCH WION LIVE HERE

Nord Stream 1 gas pipeline resumes supplies to Europe after fears over complete shutdown by Russia

Amid the ongoing Russian invasion of Ukraine and Western sanctions imposed on Russia, a gas crunch has gripped Europe. Meanwhile, Greece and Bulgaria have opened a new pipeline.

Worsening gas crunch grips Europe: Greece, Bulgaria open new pipeline

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UK to strike a major gas deal with the US?

Why is Europe considering energy market reforms?

Nord Stream 1 gas pipeline resumes supplies to Europe after fears over complete shutdown by Russia

Worsening gas crunch grips Europe: Greece, Bulgaria open new pipeline