European gas prices spiked last year
Gas prices continue to burden European industry
Almost a year-and-a-half after Russia invaded Ukraine, elevated gas prices continue to impact the competitiveness of European industry, especially relative to the US
European gas prices spiked last year, as the continent attempted to replace Russian pipeline volumes with LNG shipments following Russia’s invasion of Ukraine. Gas prices climbed from around €70/MWh (equivalent to $22.4/mBtu) to top €330/MWh ($106/mBtu) in August last year, before falling again to hover at just above €30/MWh ($9.60/mBtu) recently. Henry Hub gas prices, on the other hand, rose from around $4.50/mBtu before the war to reach $9/mBtu in August 2022, and retreated to approximately $2.50/mBtu in July 2023. But even after prices have eased, European gas consumers—in particular industrial users—remain disadvantaged. Gas prices are a critical factor in the competitiveness of many ind
Also in this section
10 December 2024
Sector at economic and strategic crossroads, but clear path ahead for midstream additions
30 November 2024
Decades of turmoil have left Iraq’s vast energy potential underutilised, but renewed investment and strategic reforms are transforming it into a key player in the region
29 November 2024
The country's fifth and sixth oil and gas bid rounds have attracted a range of new players with gas as well as oil ambitions—and there’s a seismic shift in the contracting process
28 November 2024
Iraq is charting a new path for its indigenous resources and its youth, hoping to electrify the future with a mix of reforms and modernisation to fuel growth
