European natural gas prices soar: What it means for your winter bills
Gas prices have tripled in 2026 and EU storage is at a record low. Analysts explain what it means for winter bills and how long it could last.
European natural gas prices have skyrocketed, causing concerns about winter bills. After a promise to never rely on a war-torn country for gas during winter, Europe now faces the highest gas prices in years. The Dutch TTF contract, a key benchmark, rose from €28 per megawatt hour at the beginning of January to nearly €96, a 234% increase.
This sharp rise is due to the Middle East conflict cutting off Europe's key gas supplier, Qatar, and the EU's ban on Russian LNG in January 2027. Europe's gas storage levels have hit a record low for this time of year, with Wood Mackenzie predicting they could drop as low as 17-20% by March. Prices are expected to remain high until 2028, even if the conflict ends early, as global LNG production will take time to recover.
To save on bills, households can lower their thermostats, reduce hot water temperatures, and seal drafts in their homes.
Written by urgent.news from Euronews's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
