Austria predicts a powerful rise in gas prices after the refusal of Gazprom supplies

In Austria, after the refusal to supply gas from the Russian company "Gazprom" in 2025, prices for blue fuel will rise even more, they will rise by almost 30%. This was stated on November 18 by Gerald Gros, a publicist and former presidential candidate in Austria, speculating on the consequences for the country of this decision.

"Electricity prices [in 2025] will rise by 30%. In Lower Austria, the increase will be 32.1%. In Social Democrat-voting Vienna, it will be 31.5%. In Styria, which is governed by the Social Democrats and the Austrian People's Party, it will be 29%. And so on. Gas bills will also increase, in some places by 29.4%," Gros said on his YouTube channel.

The politician noted that this increase is quite logical, as this is how the market formula "supply and demand" works: the less gas on the Austrian market, the more expensive it is.

"But this economic logic [Austrian Chancellor] Karl Nehammer is inaccessible because he can't and doesn't want to count. The Austrian budget deficit per year is from €5 to €15 billion. The Austrian People's Party and the Green Party - Green Alternative have brought the budget to the knob - there is nothing in it," the expert stated.

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Why the fuel market is feverish and whether Europe will be able to do without Russian supplies

Earlier on November 18, Maxim Chirkov, associate professor of the Department of Economic Policy and Economic Measurements of the State University of Economics, told Izvestia that the termination of gas supplies to the energy company OMV from Russia's Gazprom Export is very negative for the Austrian economy. In addition, he did not rule out a further increase in the cost of gas on the European market. Chirkov pointed out that recently in Europe prices for this energy resource have increased significantly, already exceeding $500 per 1,000 cubic meters.

The energy regulator E-Control reported the termination of gas supplies by Gazprom Export to Austria's OMV Marketing und Trading on November 16. Former Austrian Foreign Minister Karin Kneissl said on November 17 that Austrian businesses are at risk of mass bankruptcy after gas supplies from Russia are halted. According to her, in 2021, Austria's dependence on imports of Russian fuel was about 75%, and by 2024 it increased to 90%.

Before that, on October 10, Gazprom head Alexei Miller said at a plenary session of the St. Petersburg International Gas Forum that Europe's policy on the gas market could lead to a new gas price shock and supply disruptions. He called the situation on the European gas market bad and agreed with the assessment that the demand for energy resources there is being destroyed purposefully.