European gas benchmark exceeds €100/MWh as EU warns of energy crisis
Dutch TTF gas passed €100 per MWh on Wednesday, while EU officials warned of costly winter supplies and low storage.
Europe's benchmark natural-gas price rose above €100 per megawatt-hour on Wednesday, 28 October, for the first time since late 2022. The Dutch TTF front-month contract traded at €100.37 per MWh in the afternoon, Euronews reported, citing market data. Irish broadcaster RTÉ independently reported the benchmark crossing the same threshold.
The price was more than 4% higher on the day. Euronews said the benchmark had traded near €32 before the conflict with Iran began earlier in 2026. The European price is still below the extreme levels reached during the gas crisis that followed Russia's invasion of Ukraine in 2022.
EU Energy Commissioner Dan Jørgensen warned in Brussels that geopolitical disruption had put Europe at risk of another energy crisis. He told reporters that the coming winter would be difficult for households and businesses as energy bills rose.
Disruption to liquefied-natural-gas shipments through the Middle East has reduced deliveries from several suppliers, including Qatar, the report said. Europe entered the gas-storage refill season with lower reserves than in previous years and has paid more for replacement imports.
EU data cited by Euronews placed storage at about 75% on 21 October, below the normal target of 90% ahead of winter. The Agency for the Cooperation of Energy Regulators estimated that the conflict had already added billions of euros to Europe's gas-import costs.
Europe also faces competition from Asian purchasers for spot LNG cargoes. More expensive gas can affect electricity production and energy-intensive industry, although prices paid by individual households depend on contracts, taxes and national tariff rules.
The European Commission has been discussing ways to secure more supplies and support the refining sector. EU energy ministers were due to meet as officials assessed the availability of gas for the winter and risks to wider fuel markets.
The price increase is a recorded market development, not proof that a specific country has run out of gas. Officials had not announced an EU-wide rationing order or a confirmed interruption of household supply in the reports reviewed.
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What we know
- Dutch TTF gas futures passed €100/MWh on 28 October, with Euronews reporting €100.37.
- RTÉ separately confirmed the benchmark reached €100/MWh.
- EU Energy Commissioner Dan Jørgensen warned of high winter costs.
- Euronews reported EU gas storage at about 75% on 21 October.
Not yet confirmed
- No EU-wide supply cut, rationing order or specific household outage was reported.
Why it matters for Europe
Gas costs affect European power generation, industrial continuity and heating bills. Prices passing a major benchmark threshold during the storage-filling season put additional pressure on companies and households preparing for winter.
Sources
Reported by 1 reports from 1 independent outlets in 1 countries.
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Questions and answers
- How much did European gas cost?
- Euronews reported the TTF benchmark at €100.37/MWh, above €100 for the first time since 2022.
- Is Europe out of gas?
- No. The sources described higher prices and weaker storage levels, not an EU-wide supply failure.
This article was written with AI assistance from 1 verified reports and checked under the ECTV editorial policy. Spotted an error? Request a correction.