In the first negotiations, the price rose a little more, to 73 euros per megawatt hour. Gas prices have almost halved since the beginning of December. In August, natural gas on the wholesale market still cost 345 euros per megawatt hour, an all-time record due to Russia’s block on gas supplies.
Very mild temperatures – which are expected to continue for the next two weeks as well – ensure that Europe’s gas supplies are not depleted too quickly. Many factories also shut down during the year-end period, meaning there is less demand for gas from industry.
Falling gas prices are good news for inflation, which reached record highs last year, mainly driven by high energy prices. In the long run, natural gas will remain much more expensive than before. Until autumn 2021, the wholesale price fluctuated around 20 euros per megawatt hour.
