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Europe braces for higher gas costs
The article discusses the rise in natural gas prices in Europe for the second consecutive year, driven by declining reserves reaching record lows and increasing global competition for spot shipments. Europe has also been affected by geopolitical tensions in the Middle East, which have impacted about 20% of worldwide liquefied natural gas exports, adding pressure on living costs and the competitiveness of businesses. European storage levels are projected to reach only around 75-78% of capacity by the end of the filling season—10 percentage points below the five-year average—complicating the re-stocking season for 2027. Experts warn that continued closure of maritime passages or a cold winter could reduce reserves to critical levels of around 10% by spring, with wholesale gas prices potentially exceeding 100 euros per megawatt-hour. This price increase will also impact end consumers, as market tariffs for new subscribers are rising, with some countries experiencing increases of up to 55%. Regulatory bodies are calling for consumption conservation and the expansion of renewable energy sources to address the crisis's repercussions.
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