For the first time ever, the price of natural gas in Ukraine has risen above 15,000 hryvnia per 1,000 cubic meters. This price was announced during the auction on July 1, 2021. The rise in prices is driven by high demand for gas and insufficient supply. One of the reasons was also the increase in quotations in Europe.
The cost of gas in Ukraine tends to match European prices. There, the cost at the time of July 1 was already 15936 hryvnia per 1000 cubic meters.
By the heating season 2021-2022, plans include an increase in gas reserves in Ukraine’s storage facilities to 17 billion cubic meters. This is reported in the government order No. 586-r dated June 9, 2021.
It should be borne in mind that since the beginning of 2021, the spot gas price in European countries has doubled. And at the beginning of June, storage facilities in Europe were only 37% full. At that time, there was 40 billion cubic meters of gas there, which is two times less than exactly a year ago.