Gas Prices Reach Highest Level in Nearly Four Years
Translated from Danish and summarized by DistantNews. Read the original for the full story.
At a glance
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Context piece
- Dutch TTF gas prices have risen to about 73 euros per megawatt-hour, their highest level since late 2022.
- Energy analyst Kristian Rune Poulsen attributed the increase partly to the war between Iran and the United States in the Middle East.
- Cold winter weather left European gas storage levels near a 15-year low in March, while delayed restocking added to the price pressure.
European gas prices have more than doubled over the past year, reaching their highest level since the end of 2022. Gas currently trades at about 73 euros per megawatt-hour on the Dutch TTF exchange.
The war in the Middle East between Iran and the United States is part of the explanation for the sharp increase, according to Kristian Rune Poulsen, chief consultant and energy analyst at industry group Green Power Denmark.
“You cannot get around the war,” Poulsen said of the price rise. But he also pointed to the cold winter, which left gas storage facilities relatively depleted by March. Storage levels were then close to their lowest point in 15 years.
European countries hesitated to refill their reserves after gas prices rose in response to the war, partly because they expected the conflict to end soon. As that did not happen, countries gradually had to resume filling their storage facilities during the summer, Poulsen said. That renewed demand pushed gas prices higher.
You cannot get around the war.
About this summary
Originally published by Berlingske in Danish. Translated, summarized, and contextualized automatically by DistantNews, with a note on how the source frames the story. Not individually reviewed before publishing. How this works.
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