Europe faces continued rising gas costs

Reports indicate that Europe is preparing for another season of rising natural gas prices due to a significant decline in reserves and increasing global competition for spot shipments. It is expected that storage capacity will reach only about 75-78% by the end of the refill season, making the upcoming season more difficult. Industry experts warn that the continued closure of maritime routes or a prolonged cold winter could reduce reserves to critical levels, dropping to as low as 10% by spring, which may cause wholesale prices to rise above 100 euros per megawatt/hour. Consumer prices are also projected to be affected further by 2027, with some countries, such as Germany, experiencing tariff increases for new customers of up to 55%. This situation underscores the urgent need to accelerate efforts to conserve energy and develop renewable sources to address the economic and security challenges posed by the current gas crisis.

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