European gas price nearly triples since February

AMSTERDAM — European wholesale gas prices briefly exceeded €87 per megawatt-hour, their highest level since the gas crisis following Russia’s invasion of Ukraine. In February, the price was around €30, according to NOS.

The increase is linked to attacks on liquefied natural gas (LNG) infrastructure in the Middle East. After prices eased following September’s peak, renewed Houthi attacks pushed them higher again.

With winter approaching, Dutch gas storage is only about 64% full, below previous years’ levels. Price comparison services warn that households with variable contracts, as well as those whose fixed contracts expire, could face higher bills.