European natural gas price crosses 100 euros per megawatt-hour for first time since 2022

The European natural gas reference price exceeded 100 euros per megawatt-hour for the first time since the 2022 energy crisis. The November delivery contract traded on the Dutch TTF hub temporarily reached 100 euros per megawatt-hour on Wednesday, October 25, 2026, after rising more than 4 percent during the day.

The price increase follows disruptions in liquefied natural gas deliveries from the Middle East. The armed conflict between Israel and Iran, which began in late February, severely disturbed the global LNG market and made natural gas prices three times higher than before the war started.

“Because of geopolitical shocks, Europe is once again facing another energy crisis.”

European gas storage facilities are only 75 percent full, while storage levels in Germany dropped to 60 percent, significantly below 2025 levels. European LNG imports fell by 30 percent in the week ending October 9, according to Rystad Energy data cited by News.ro.

Electricity contracts for delivery in Germany in 2027 reached 159.30 euros per megawatt-hour, the highest level since June 2023. In France, the quotation rose to 122.50 euros per megawatt-hour, nearly reaching the maximum of the last two years.

Energy-intensive industries, especially chemicals, steel, and fertilizer production, are among the most affected. Some companies have already been forced to reduce activity due to high costs. The chief executive of Norwegian company Equinor warned that an intense cold spell could trigger another sharp price increase this winter.

Although current prices remain below the historic record of around 340 euros per megawatt-hour reached in August 2022, the 100-euro threshold serves as an alarm signal for the population and companies. European Commissioner for Energy Dan Jorgensen said the community is on the brink of a new energy crisis and a difficult winter, adding that fuel bills in the European Union are rising rapidly.