"Price of electricity and gas won't go up in Serbia": Price finally drops in Europe as well

Speaking about fuel prices, Minister Mihajlovic said that a group would be formed to monitor those

"The price of electricity and gas for citizens will remain the same until the end of the heating season, while the Electric Power Industry of Serbia (EPS) will additionally negotiate the price of electricity for the industry," said Minister of Mining and Energy Zorana Mihajlovic.

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She stressed that the whole world is shaken by the energy crisis, since there has been the fastest post-recession growth in the last 80 years and that the demand for energy is huge.

"The most expensive is energy that is not there, and it's important for Serbia and the citizens that there is energy and that electricity and gas for them will remain at guaranteed prices. What is a serious issue is the issue of prices, long-term contracts and additional quantities, and that is being negotiated," Mihajlovic stressed, speaking for RTS.

She emphasized that we should learn from this energy crisis that it is necessary to prepare for crises. "The increase in gas prices did not happen at once, prices started to rise in the spring. Public companies must be much more efficient and much faster," the minister said.

"Their obligation was to ensure energy security, rather than hide behind the president afterwards and ask him to negotiate with the president of another country in order to get out of the problem," Zorana Mihajlovic said, stressing that it was "known that EPS was entering repairs and that they should have thought about how to replace electricity back in the spring."

Asked whether the citizens are paying the higest price, Mihajlovic said that the staze is case because state will always provide what is needed for the citizens, without asking what the price is.

She added that it is important to monitor prices now, to provide sufficient quantities of gas and see if some kind of moratorium on the price of gas can be provided until the end of the heating season, as well as to ensure gas stability in that way.

Speaking about fuel prices, Mihajlovic stated that a group will be formed to monitor those.

The price of gas in Europe dropped at the beginning of today's trading on the London ICE stock exchange to around 980 dollars per 1,000 cubic meters.

Gas futures for November deliveries fell during trading this morning at the Dutch TTF hub to $983.5 per 1,000 cubic meters, or 82 euros per MWh, based on the current exchange rate of the euro against the dollar.

The total price drop compared to the previous trading day is about 10 percent, reports Tass. On October 6, the price of gas at the TTF reached an all-time record of over $1,900 per 1,000 cubic meters.

Extreme price volatility on the European gas market is mainly related to the fact that gas storage facilities have not been filled before the upcoming winter heating season, writes the Russian agency.

(Telegraf Biznis)