European capitals see sharp rise in gas prices as winter approaches

European gas markets have reached a near four-year peak, as the Dutch TTF futures contract climbed to €87.20 per megawatt-hour, a stark increase from roughly €32 before the Iran war heightened Middle-East tensions. Household electricity costs in EU capitals vary widely, from a low of 8.4 c€/kWh in Kyiv to a high of 41.3 c€/kWh in Brussels, with Berlin, Dublin, Bern and London topping the list. Gas prices exhibit an even broader spread, with Stockholm at 34.8 c€/kWh and Kyiv at just 1.5 c€/kWh, while Amsterdam follows at 21.2 c€/kWh.

When prices are adjusted for purchasing-power standards, Bucharest becomes the most expensive electricity market and Stockholm remains the costliest gas market, highlighting the impact of living-cost differences. Several cities have experienced notable shifts since February, such as Lisbon’s 22% electricity rise and Tallinn’s 59.2% gas increase. Meanwhile, EU gas storage sits at 72.4% of capacity, the lowest seasonal level since 2011, raising concerns about the ability to cope with a cold winter. Fixed contracts and government subsidies may cushion households, but the overall trend points to higher winter energy bills.