You may recognize the style, or lack thereof, of the Poster, this time posing as macrus in the comments, copied in full below for your edification.
Jerome is correct that GAZP has plenty of gas and that there is a temporary 5 year +/- supply demand misstep. GAZP's large fields are in a fairly rapid stage of depletion and its next big fields are still at an early stage of development. There is a significant requirement for independent gas producers (be that LUKoil et al or Novatek) and Central Asia to meet domestic and “near abroad” demand where pricing is at a significant discount to GAZP's European sales.
You can be sure that GAZP will meet its commitments to “old Europe” without fail. As it did throughout last winter; the gas just did not make it to western Europe as the wonderfully democratic Ukraine stole it on route. Now that Ukraine is back under control of the Russian-loving Yanukovich et al they have done a deal with Russia and Turkmenistan whereby they will buy their gas at around $135/mcm. Which probably equates to $200/mcm in Germany. So Ukraine is not the story here.
Where I believe the commentators are wrong relates to Russia. Gref (economics minister) and Luzhkov (Mayor of Moscow) are correct. There is a domestic gas supply crisis. Under-reported in the Turkmen/Ukraine story was the fact that it was committing to 50BCM annually 2007-2009 and an additional 12BCM in 2006 to fill the storage facilities in Ukraine for winter. That has taken 30BCM p.a. out of the domestic/near abroad supply equation; there is no replacement for it. GAZP has turned down Moscow's request for an additional 10BCM p.a. at $120/mcm (western europe equivalent $170/mcm) because it has no more gas to give. Now consider that the regulated gas price in Moscow is about $37/mcm and Luzhkov is offering $120/mcm. Sooner rather than later the netback price in the quasi-traded market is going to approach western prices.
Then you might want to feel sorry for Ukraine and Poland. But lets be clear; Berlin, Paris and London will be as warm as toast, as will Moscow (provided you are inside.)
Whether Russia has an energy (electricty) problem or a gas supply problem is semantic sophistry. It takes a while to build or upgrade a power plant (TES) and restructure factories to be more energy efficient. About as long as it takes to find and develop major gas fields in the Arctic. In the meantime watch inflation in Russia spike.
[composed and posted with ecto]