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Europe's benchmark gas price exceeded 100 euros per megawatt-hour on Wednesday, for the first time since the 2022 energy crisis, hours after EU Energy Commissioner Dan Jørgensen warned of a "new energy crisis" and a difficult winter.
According to Euronews, the Dutch TTF front-month contract, the benchmark for European gas prices, reached 100.37 euros per megawatt-hour at 4:00 PM Central European Time, an increase of over 4 percent during the day.
The price was around 32 euros before the outbreak of the war in Iran in late February, but it remains well below the record level of nearly 340 euros in August 2022.
Jørgensen told reporters in Brussels that this winter will be difficult for Europeans and the economy in general, noting that EU fuel bills are "experiencing a massive surge."
The Commission believes the global diesel market will remain tight until 2027, keeping energy prices high, and is seeking to boost production in European refineries, about a quarter of which have closed over the past two decades.
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