International rating agency Standard & Poor’s Global Ratings has sharply increased forecast gas prices in the EU in the coming years. This is due to a reduction in gas supplies from Russia via the Nord Stream 1 pipeline, the agency said in a statement.

Analysts now expect gas prices around Europe at TTF to average $50 per million British thermal units (BTU) by the end of this year; $40 next year and $25 in 2024.

“This significant increase reflects the likelihood that Russian pipeline gas supplies will remain at historic lows, making it more difficult for Europe to secure sufficient winter reserves and supplies,” S&P GR said in a report. Also, the revision of the forecast is caused by a jump in quotes on the spot and futures markets.

Estimates for gas in other regions as well as for oil remained unchanged.