Score one for Brussels. The EU is finally, haltingly moving away from the onerous long-term, take-or-pay contracts Russian gas firm Gazprom has foisted on its Western customers. Yesterday marked Gazprom’s first public auction of gas in Europe, and three more will follow this week. Those auctions mark a shift in the continent’s gas market towards spot pricing, and will come as welcome developments for countries like Bulgaria, Poland, the Czech Republic, and of course Ukraine, all of which are locked into above-market prices for Russian gas. The FT reports:
[I]t demonstrates a shift in Gazprom’s strategy towards Europe, which had previously …read more
Source: The American Interest
