European gas hits €100 for first time since 2022

Summarised from 2 outlets · Updated 28 Oct, 22:32 · Archive

European natural gas briefly reached €100 per megawatt hour on Wednesday, its highest level since Russia's full-scale invasion of Ukraine in 2022. The EU says it is not concerned about supplies, though storage facilities are only 72 per cent full, and has warned of a 'difficult' season ahead for households.

Gas supplies in Europe remain tight as winter approaches. Industry forecasters warn of at least another year of high gas prices, partly due to Europe needing to restock depleted gas storage reserves. High wholesale gas prices are filtering through to consumer bills, as natural gas-fired plants typically set electricity prices during peak demand periods.

In Britain, bills are set to rise again in January. A report from EDG forecasts Ofgem's price cap could rise from £1,723 a year now to a record high of £2,192 a year in January. The price households pay for each unit of gas is expected to hit a record 11.13p per kilowatt hour in January, surpassing the previous record of 10.33p per kilowatt hour at the start of 2023. German gas tariffs for new customers are already up 55 per cent this year.

How it is being reported

• EU natural gas prices top €100 for first time since 2022As winter approaches, the price of European natural gas topped €100 / megawatt hour, its highest level since 2022. The EU says it's not worried about supplies, although its storage facilities are only 72% full, but warns households of a 'difficult' season to come. Also in the show - the UK government tries to cushion the impact of high energy bills, and 200 passengers are stranded in Cambodia after their multi-year cruise was cancelled because of high fuel costs.France 24 · 28 Oct, 22:02
• European gas hits €100 for the first time since 2022. Will it affect UK energy bills?Even with the UK’s decision to allow Jackdaw drilling, experts warn energy bills will increase sharply in JanuaryThe Independent · 28 Oct, 15:53

In this story: Europe · Russia · Ukraine · UK · Britain · Germany · Ofgem · EDG

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