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Gazprom has told Shell Energy Europe and Denmark's Orsted that it will stop supplying them with Russian gas from Jun. 1 after they refused to comply with Moscow's new two-step payment mechanism. Shell Energy Europe — Shell's European gas and power trading and marketing business — has a 1.2 Bcm/yr contract with Gazprom to supply Germany. Orsted's contract is for roughly 1.8 Bcm/yr. Orsted CEO Mads Nipper said the move showed how important it is for the EU to end its dependence on Russian gas by accelerating its expansion of renewable energy. The Russian gas giant had already cut off gas supplies to Dutch gas trader Gasterra on May 31 for the same reason. Gasterra had a 4 Bcm/yr supply contract with Gazprom that was set to expire in October. Gazprom has now cut off gas supplies to six European companies, including Poland's PGNIG, Bulgaria's Bulgargaz and Finland's Gasum. As a result of these moves, Gazprom has pulled the plug on a combined total of 26 Bcm/yr, accounting for about 13% of its portfolio of supply contracts in Europe (including Turkey).

Gas Supply, Gas Demand
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