Stop gas transit to Ukraine...Will European gas prices go up?

[Anchor]
European supplies of Russian natural gas using gas pipelines through Ukraine have been suspended since the new year.

It was supposed to be, but short-term price increases are expected to be inevitable due to the hit of gas supply in winter when demand for heating increases.

Reporter Kim Ji-young reports.

[Reporter]
Ukraine's five-year gas pipeline use contract signed with Russian state-owned energy company Gazprom ended on the 31st of last month.

We have maintained our contract since the start of the war with Russia in late February 2022, but we have decided not to renew it this time.

The suspension of gas pipeline operations from the new year will directly affect gas supplies to EU member states such as the Czech Republic, Hungary and Slovakia and Moldova.

[Nicoleta Neagu / Moldovan living in Germany: I think we should save until another solution is available]

The EU has been preparing for a transport disruption and has stressed that its impact on energy supply security is limited.

[Volodymyr Zelensky / President of Ukraine (last 28th): Working with the European Commission and all European partners, we are working to maintain the stability of the integrated European energy system and to comply with European energy rules]

However, pro-Russian members Hungary and Slovakia strongly protested.

In particular, Slovak Prime Minister Robert Pizzo sent a letter of protest to the Commission on the 29th.

Some observers say gas prices could rise right away because of the winter when energy consumption is high.

In fact, a day before the suspension, futures for February hit a one-year high in the Dutch TTF futures market, a European natural gas price indicator.

[Philip Rausberg / European Policy Center policy analyst: There are alternatives, but they tend to be a little more expensive than Russian pipeline gas. The impact will be particularly noticeable in Austria, Hungary and Slovakia, where gas prices are likely to rise.]

On the other hand, some analysts say that Russian gas transmission will be drastically reduced, which will not have a significant impact on European gas prices in the long run.

However, the EU's internal strife over energy, which is a real problem, is expected to intensify.

I'm Kim Jiyoung of YTN.