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المصري اليوم
Europe gas prices reach March highs
European gas prices experienced a sharp increase of 120% during 2026, amid rising risks to supply and declining storage levels, threatening a very costly winter. This surge is driven by factors such as reduced hydro and nuclear power generation due to droughts and heatwaves, ongoing closures of the Strait of Hormuz, stoppages at Norwegian fields, and increased electricity demand during the heatwave. The current futures price for gas stands at approximately 63.7 euros per megawatt-hour, with expectations that the average price will rise to 60 euros in the last quarter of 2026 and early 2027. These developments heighten European concerns over low gas reserves and the potential for a winter season that could be expensive and highly challenging.
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