European gas wholesale price hits highest level since 2022, experts urge price fixing

The European gas wholesale price broke the €86 per megawatt-hour barrier, the strongest level recorded since December 2022. The rise is linked to supply interruptions from the Middle East and dwindling gas stocks in Germany, compounded by the conflict’s expansion into Saudi Arabia that lifted oil and gas prices. Jiří Gavor, head of the Association of Independent Energy Suppliers, said geopolitics is the primary driver and that price increases will be gradual rather than a sudden shock.

Michal Kocůrek, project director at EGU, noted several concurrent factors will keep prices high throughout the winter, with only a modest easing expected from April, while the closure of the Strait of Hormuz and occasional tanker attacks sustain elevated levels. Innogy spokesperson Pavel Grochál described the surge as another fluctuation in a market already volatile since the Middle East conflict began, and highlighted that customers can still secure three-year fixed-price contracts. Weather forecasts predict a milder European winter, which could reduce LNG demand and pressure on wholesale prices.