European gas price tops €100 for the first time since 2022 as the EU warns of a new energy crisis
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 hit €100 per megawatt hour on Wednesday, their highest level since December 2022, driven by record-low storage levels, rising winter demand and fears of Iran war escalation. EU energy chief Dan Jørgensen warned the bloc faces "another energy crisis" and a "difficult winter." For British households, the pain is coming: a new EDG report forecasts Ofgem's price cap will surge from £1,723 to a record £2,192 a year in January.
Prices have more than tripled since before the Iran war, with supply disruptions adding over €100bn to Europe's fossil-fuel import bill.
EU gas storage stood at just 75% on 21 October, well short of the bloc's 90% target — storage was only 28% full at the end of last winter.
The gas price per unit paid by UK households is forecast to hit a record 11.13p/kWh in January, beating the 2023 post-Ukraine-war peak of 10.33p/kWh.
