What are the risks for European gas prices at the end of this
heating season and what are the implications of this announcement from the Germans.
Yes indeed. Germany activated emergency energy plan at the moment. It was the first level the early warning level. It's a
preparatory step meaning that the destruction is possible and that Germany is seeking supplies. And Germany is the biggest
fire of Russian gas. At the moment the market is worried that reporting on Putin's demands for payment in rubles for Russian
gas may not be accepted by European partners. G7 leaders already said that this is a breach of contract. So we expect no
announcements on these developments this week. But at the moment also the amount is quite high. Yes. Yeah. I mean there's a
million question of course you know on the back of what you said.
So the main one is Europe seeking to diversify its gas
source to reduce reliance on Russian gas. We've been trying to answer. But do we know whether Vladimir
Putin is also literally ready to cut off all supplies to Europe if he's not paid in rubles.
The Kremlin hasn't been that clear. They say that Russia will not supply gas for free and then they will see what they'll do
if European partners reject payment in the ruble. So we'll have to see how that what exactly means will it open contract
negotiations. But that adds additional uncertainty for the gas markets in particular as we're already experiencing very high
prices as a leading to demand destruction in the industry and European Union needs just to fulfill to fill its storage
facilities for the winter. There is a very ambitious target to secure 90 percent feel over summer to make sure that supplies
are secure by next winter.