Europe's Soaring Gas Bill Is Sending Utilities Back To Coal
The warning says a severe cold snap could force the EU to curb demand by 7% and leave energy-intensive industries facing production cuts.
- Dutch TTF futures, Europe's gas benchmark, hit €84.5 per megawatt-hour in mid-September, the highest since Russia's 2022 invasion of Ukraine, as EU storage fell to 72% full by October 1.
- Shipping constraints at the Strait of Hormuz, which controls 20% of global LNG trade, have throttled exports from Qatar and the United Arab Emirates since the Iran war began February 28.
- European Commission President Ursula von der Leyen said imported fossil fuels have cost the EU an extra €100 billion "without a single molecule of energy in addition" since late February, as aggressive bidding between Europe and Asia drove volatility higher.
- Europe could face a gas shortfall of 12% to 15% if a severe cold snap hits this winter, while even under optimal liquefied natural gas supply the EU would have to curb 7% of demand, forcing cuts of 14 billion cubic meters.
- As the EU's complete ban on Russian liquefied natural gas imports takes effect January 1, 2027, the Institute for Energy Economics and Financial Analysis warned that storage expansion "risks locking in fossil fuel infrastructure for decades", urging investment in renewables and efficiency upgrades instead.
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Bloc could face a 14 billion-cubic-meter gas shortfall this winter, equivalent to 7% of demand, according to reports shared with media outlets
In winter, the countries of the European Union may face a shortage of up to 14 billion cubic meters of natural gas, which is about 7% of annual demand.
The occupancy rate at the European Union's natural gas storage facilities fell to 72.4 percent on Oct. 3, seeing the lowest level on a seasonal basis since 2011. The IEEFA has warned that gas consumption could be cut by 7 percent this winter due to the ban on Russian LNG and high prices due to the Iran war.
EU natural gas stocks have fallen to their lowest level for this time of year since 2011, just over 70% The post Natural gas bell: Winter of shortages and price increases appeared first on in.gr.
The European Union may have to use 7 percent less gas this winter than last winter. This warning comes from the Institute for Energy Economics and Financial Analysis (IEEFA). European gas reserves are exceptionally low, while the war in Iran is keeping gas prices high. The impending ban on Russian liquefied natural gas (LNG) is also adding to the pressure.
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