October 3, 2023

Taylor Daily Press

Complete News World

European gas prices rose by 22%

European gas prices rose by 22%

This week alone, the European natural gas price is up 35 percent, the strongest increase since August last year. But the price is still relatively low: at the beginning of this year more than $80 was paid per megawatt-hour, and in the summer of last year the price of natural gas peaked at more than 300 euros per megawatt-hour.

In recent months, the price of natural gas on the leading stock exchange (TTF) has been systematically falling due to rising stocks. But now it appears that bottom has been reached. There is increasing competition from Asia in the liquefied natural gas (LNG) market. On the other hand, warm temperatures in Europe cause an increase in electricity consumption (air conditioning), as a great deal of energy is generated by gas-fired power plants.

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