Gas bill keeps rising, European gas price now nearly 100 euros per MWh

European natural gas prices have surged to nearly 100 euros per megawatt-hour, marking the highest levels since the peak of the crisis following the invasion of Ukraine. This sharp rise is largely attributed to escalating violence in the Middle East, which threatens key shipping routes like the Strait of Hormuz used by major exporters such as Qatar. Consequently, consumers face significantly higher energy bills, as the increased cost of gas also drives up electricity prices, impacting households that do not rely on gas for heating.

Financial strain is growing, with a typical one-year energy contract now costing over 1,100 euros more than it did last year. Meanwhile, energy reserves in the Netherlands and across Europe are lower than they were at this time in 2023. As gas prices continue to climb, refilling these storage facilities to safe levels is becoming increasingly expensive, raising concerns about energy security and affordability heading into the colder months.