Europe's Soaring Gas Bill Is Sending Utilities Back To Coal
IEEFA says the bloc may need to cut gas use 7% as tight LNG supplies and war-driven shipping disruptions keep prices elevated.
- On Monday, European benchmark gas prices remained elevated as storage reached 73.1% on Oct. 7, exceeding earlier expectations that Europe might fail to reach 70% before winter.
- Disruptions on the Strait of Hormuz trapped almost 20% of global liquefied natural gas exports destined for Asia, driving the more than 150% jump in European benchmark gas prices this year.
- Citi analyst Maggie Xueting Lin identified three factors easing the balance: industrial demand destruction, warm weather, and Ukraine's role as net exporter, with demand falling about 8% year over year in September.
- Germany's Verivox reported gas tariffs for new customers have already risen 55% this year, while Britain's price cap on household energy bills could rise another 16% in January.
- Market normalization to pre-conflict levels won't come until 2028, according to BNP Paribas commodities analyst Jason Ying, who noted it will take time given ongoing disruptions.
207 Articles
207 Articles
Gas prices in Europe rose 2.5%, affected by geopolitical tensions in the region and in West Asia.
Gas prices at four-year high, storage at record low: what Europe's households expect in winter – and where electricity and gas are the most expensive.
The gas price on the European wholesale market briefly rose above 87 euros per megawatt-hour on Wednesday morning, reports the NOS. That is more than the more than 80 euros at which the ACM already saw the highest level in over three years in September. Whether and when you see this reflected on your energy bill depends mainly on...
Oil prices behaved volatilely this Tuesday, with the prospect of a higher supply of diesel from Russia helping to alleviate some concerns about the risk of disruptions from attacks in Saudi Arabia. Brent’s futures fell 0.90 percent, to 105.69 dollars per barrel. West Texas Intermediate (WTI) rose 0.43 percent, to 94.14 dollars. Gas peaked from 2022, as the Dutch future contract, of reference for Europe, rose 2.91 percent, to 86.60 euros per mega…
Europe's Suffocating Energy crisis... Gas Jumps 150 Percent and Fears of a Long-Term Economic Shock.
Europe is facing an unprecedented energy crisis as gas prices rise to record levels and a harsh winter approach, amid inflationary pressures and strategic geopolitical disturbances that threaten economic growth and call for urgent structural solutions.
The gas price has reached its highest level since the gas crisis following the Russian invasion of Ukraine. On the European wholesale market, the price briefly stood above 87 euros per megawatt-hour early this morning. In February, before the United States launched its attack on Iran, the price was still around 30 euros per megawatt-hour. Due to attacks from Iran and now also Houthi rebels from Yemen, major refineries and liquefied natural gas …
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