Uniper said natural gas prices could go up even more.
As millions of people rely on gas to heat their homes during the winter, the CEO of Uniper underscored the importance of addressing the impact of soaring prices on consumers.
He said that he wanted to educate policymakers about the dire outlook.
He called for an open discussion about how to fix the problem, as he said that the wholesale market was 20 times more expensive than it was two years ago.
The price of natural gas in Europe has increased 300% this year as a result of Russian gas cuts. Dutch TTF futures, Europe's benchmark natural gas price, was down 10.5% to $225.68 per megawatt-hour on the ICE exchange at last check.
On the day of the news that Russia had stopped gas flows to Europe, they shot up 34%. Russia cut flows to 20% of its capacity before closing the line for 10 days for yearly maintenance.
European leaders accuse Russia of using its energy in response to sanctions and boycotts imposed on the nation. France, Germany, and Italy are looking for ways to store energy before winter.
Germany has been hit the hardest in Europe's energy crisis because of its partnership with Russia. Even if Russia ends the war, the relationship between Uniper and Gazprom will remain impaired.
I don't think we'll be able to reestablish the partnership in the next few months. He said that they were focused on replacing Russian gas. He said that gas prices are unlikely to go down immediately.
He said there would be a burden on consumers and the industry in the next years.
Uniper fired up a coal-fired power plant to generate electricity as part of Germany's transition away from Russian gas. With low water levels in the Rhine River, Germany's fuel switch faces some challenges.
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