Thu. Feb 22nd, 2024

Exports to the EU nation have reportedly been reduced due to maintenance work on the Nord Stream 1 pipeline

Energy major Eni announced on Monday that Russia’s Gazprom had further reduced the supply of natural gas to Italy, as scheduled maintenance work begins on the Nord Stream 1 pipeline.

“Gazprom announced that today it will supply to Eni volumes of gas of approximately 21 million cubic meters/day, while the average for the last few days was of about 32 million cubic meters/day,” Eni’s statement reads.

The cut will further reduce gas supplies that are already down by as much as a half since mid-June.

On Monday, Gazprom suspended natural gas flow to the EU via the key Nord Stream 1 pipeline due to planned maintenance work. The shutdown will last until July 21. During that time, all gas flows via the pipeline will stop. The operator highlighted that the repairs were scheduled and agreed with all partners.

Italy is currently battling with drought and a heatwave that are hurting power generation. The EU nation is in a hurry to fill storage facilities for the winter which are now about 60% full. The government has introduced measures, including a €4 billion loan, to speed up the process.

Meanwhile, Bank of Italy Governor Ignazio Visco warned last week that in case Moscow halts gas deliveries altogether, Italy would face a recession.

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