{
  "id": 2624173,
  "title": "Europe’s gas prices surge more than 120% as storage hits record seasonal low",
  "url": "https://urgent.news/2026/08/22/europes-gas-prices-surge-more-than-120-as-storage-hits-record",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-08-22T17:39:00.000Z",
  "source": {
    "name": "New Voice of Ukraine",
    "slug": "new-voice-of-ukraine",
    "url": "https://english.nv.ua/business/european-gas-prices-surge-as-low-storage-threatens-ukraine-and-the-eu-this-winter-50634925.html"
  },
  "original_language": "en",
  "account": "Gas prices in European Union hubs have surged over 120% as storage levels hit a record low during the winter season. This year's winter is expected to be one of Europe's most expensive and challenging in recent years. Wholesale gas prices in Europe have jumped dramatically since the start of the year, with the Dutch TTF hub reaching 63.7 euros per megawatt-hour on August 18, based on data from Oxford Economics and Gas Infrastructure Europe. While these prices are below the historic peak of 350 euros per megawatt-hour during the 2022 energy crisis, EU storage facilities are only half full, creating a double threat for Ukraine. The closure of the Strait of Hormuz, maintenance at key gas fields in Norway, and extreme weather conditions have disrupted the usual summer buildup of gas reserves for winter. Europe turned to gas-fired power plants to meet energy demands and run air conditioners due to severe summer heat and reduced hydropower output. This heavy reliance on gas-fired power has depleted storage facilities to just 57.1% of capacity, well below the EU's target of 90%. EU rules call for storage to be at 90% capacity, but Brussels has granted some flexibility and suggested lowering the target to 80% if market conditions make gas injections difficult. Despite diversifying its energy supplies, the EU remains vulnerable due to its dependence on average daily temperatures. During brief cold spells, gas consumption fell from 20% to just 5-10% last winter. Depleted storage leaves the market vulnerable to rapid bidding wars for available LNG supplies during prolonged freezes. Economists project a rise in gas prices as early as September, with prices expected to hold around 60 euros per megawatt-hour in the fourth quarter of 2026 and the first quarter of 2027. The impact of rising gas prices extends beyond the energy sector, accelerating inflation across eurozone countries. Germany and Austria have longer-term contracts that spread rate increases over time, while countries like France, Spain, and the Netherlands pass wholesale price changes to consumers more quickly. Italy is considered the least protected economy due to its heavy dependence on gas-fired power and rapid price increases. The vulnerability of Ukrainian refugees to higher utility bills during the second half of the winter season is also a concern, as heavy gas usage will significantly impact the state budget and Naftogaz. Rising energy costs are already prompting the European Central Bank to revise its inflation outlook, with expectations for the third and fourth quarters to reach 3.4%. Analysts predict another 25-basis-point ECB interest-rate increase in September, which could slow business activity and European economic growth.",
  "summary": "Gas prices at European Union hubs have reached critical levels because of extreme heat, the closure of the Strait of Hormuz and depleted storage. The winter of 2026–2027 is likely to be one of Europe’s costliest and most difficult in years.",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}