Disrupted LNG shipments and dwindling reserves have raised fears of another European energy crisis<\/p>\n
European natural gas prices have surged to their highest level in four years amid the war in Iran and the EU\u2019s continued push to phase out Russian energy supplies, according to data from online aggregator Trading Economics.
\nOn Monday, wholesale prices briefly surpassed \u20ac97 ($108) per megawatt-hour, reaching levels not seen since December 2022. The increase came as the bloc\u2019s gas storage facilities were just 74.62% full as of October 25, well below seasonal averages.
\nLiquefied natural gas (LNG) shipments through the Strait of Hormuz, which accounted for around a fifth of global LNG trade before the US and Israeli military campaign against Iran earlier this year, remained approximately 80% below pre-conflict levels.
\nSome EU countries have already begun drawing on stored gas as temperatures fall. Trading Economics forecasts that European gas prices will reach \u20ac98.20 per megawatt-hour by the end of the fourth quarter of 2026.
\nIn the UK, the month-ahead gas contract rose by 4% to its highest level since December 2022, according to the Guardian. Brent crude, which climbed to $117 per barrel last week, has since eased slightly but remains around $115.<\/p>\n
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British households could face a 27% increase in energy bills in January, pushing the average annual dual-fuel bill to nearly \u00a32,200 ($2,940), according to a forecast by energy supplier EDF. An earlier forecast by consultancy Cornwall Insight had projected a 16% increase to approximately \u00a32,000.
\nIn August, the Guardian reported mounting concerns in the EU over low gas storage levels and soaring prices ahead of winter. In September, EU Energy Commissioner Dan J\u00f8rgensen warned that the bloc was facing its worst energy crisis since 2022.
\nIn mid-October, German media reported that Berlin was planning to make households and businesses pay for a national emergency gas reserve costing more than \u20ac3 billion over ten years. The government-controlled stockpile would be reserved for emergencies, including sabotage and infrastructure failures, rather than used to lower gas prices.<\/p>\n
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The reports came as the opposition Alternative for Germany (AfD) party called for restoring energy ties with Russia and following US President Donald Trump\u2019s example. On October 13, AfD co-leader Alice Weidel said Germany should seek its own diesel deal with Moscow, praising Trump\u2019s agreement with Russia as a pragmatic approach.
\nFollowing the EU\u2019s sweeping sanctions on Russia in 2022, the bloc experienced one of its worst energy crises in decades. Gas prices soared above \u20ac300 per megawatt-hour, driving up costs for industries and households and contributing to surging inflation.
\nThe EU has continued its efforts to phase out Russian energy. While Russia accounted for around 45% of the bloc\u2019s gas imports in 2021, its share had fallen to approximately 12% by 2025.
\nMoscow has described the EU\u2019s efforts to sever energy ties with Russia as a \u201csuicidal\u201d policy. Last week, Russian presidential investment envoy Kirill Dmitriev argued that the bloc would eventually have to restore those ties because \u201ccooperation with Russia economically will be inevitable.\u201d
\nDmitriev also blamed the EU\u2019s current problems, including high energy costs, on the bloc\u2019s leaders, accusing them of refusing to acknowledge and correct their mistakes.<\/p>\n","protected":false},"excerpt":{"rendered":"
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