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European gas breaks €100 for the first time since 2022 as UK bills are forecast to hit a record £2,192

EU gas storage stood at just 75% on 21 October, far short of the bloc's 90% target, leaving households facing an Ofgem price cap of £2,192 from January.
EU gas storage stood at just 75% on 21 October, far short of the bloc's 90% target, leaving households facing an Ofgem price cap of £2,192 from January.

European gas prices briefly touched €100 per megawatt-hour on Wednesday for the first time since December 2022, with the Iran war and effective Strait of Hormuz closure cutting off LNG supplies and draining EU storage to record lows. A new EDG report forecasts Ofgem's price cap will climb from £1,723 to £2,192 a year in January, with the unit cost of gas set to beat the 2023 record high. EU energy chief Dan Jørgensen warned Brussels that "this winter will be difficult for European citizens," while German gas tariffs for new customers are already up 55 per cent this year.

EU gas storage stood at just 75% on 21 October, far short of the bloc's usual 90% target ahead of winter.

The price per unit of gas is forecast to hit a record 11.13p/kWh in January, beating the 10.33p/kWh peak set after Russia's Ukraine invasion.

Ministers have approved Jackdaw North Sea drilling, which Prime Minister Andy Burnham insists will "protect hundreds of jobs and help keep millions of homes warm."

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