Comparable monthly prices increased by 4.3% - to €51 per megawatt-hour, the highest level since October 2023. Russian gas supplies through Ukraine stopped on New Year's Day after the expiration of the transit contract between the two warring countries with no alternative.
Traders are watching to see whether the loss of Russian flows - an important source of supply for several central European countries - "will trigger faster withdrawals from storage sites that act as a buffer. Inventories across the continent are already falling at the fastest pace since 2021 when the gas crisis was just starting to brew".
The halt coincides with forecasts of sub-zero temperatures in some countries, which will lead to increased demand for heating. In Slovakia, one of the countries most affected by the restrictions, the mercury level could drop to -7ºC (19ºF) by mid-January.
European gas prices rise after loss of Russian gas through Ukraine
03.01.2025 08:55
European gas prices jumped on the first trading day of the year as the region braced for a cold winter without a key source of supply, Bloomberg reports.
Latest articles
Resuming Gas Exports: Investing in Reconstruction and Production Support
News 25.07.2026 15:37
Cautious signals are increasingly emerging from the market regarding the potential resumption of natural gas exports. Let us examine what this could mean for gas producers and what framework the government is proposing in response.
Power consumption in Ukraine matches seasonal norms, but Russian shelling causes new outages
News 23.07.2026 11:25
Electricity consumption in Ukraine remains at seasonal levels. At the same time, recent Russian shelling of civilian energy infrastructure has caused new power outages in several regions.
News 21.07.2026 10:19
Electricity consumption in Ukraine remains at seasonal norms; however, enemy forces continue to target energy infrastructure facilities, leading to new power outages across several regions.
News 20.07.2026 11:13
A growth in electricity consumption levels has been recorded in Ukraine. The main factors behind this are unfavorable weather conditions—which reduced the generation efficiency of household solar power plants—and the consequences of enemy shelling targeted at energy infrastructure.