A price divided by five since August.
Thanks to a winter that remains relatively warm for the time being, allowing stocks to be saved that the countries are also managing to replenish, the wholesale price of European gas has fallen to its lowest level since the start of the war in Ukraine.
The benchmark contract for the continent, the TTF on the Dutch market, fell a further 4.67% to 72.75 euros per megawatt hour (MWh) for delivery in February early morning on Monday.
Thus the price of gas, for delivery the following month, fell by nearly 50% in one month.
It has largely come down from the summer peaks.
In August, it peaked at 342 euros per megawatt hour.
Gas prices had soared in the fall of 2021, with the start of a reduction in Russian gas deliveries to Europe, then very sharply from the invasion of Ukraine on February 24, 2022. Since then, gas pipelines between Russia and Europe have almost all shut down.
Good news for European countries
This decline is good news for European countries.
The price of gas affects electricity, as many European power plants burn gas to generate electricity.
In France, the price of wholesale electricity for delivery in 2023, which had exceeded 1,000 euros / MWh at the end of August, fell to 240 euros on Friday, the lowest since April.
In addition, these low gas prices allow countries to replenish stocks.
Gas reserves in Europe are still at a level rarely seen in recent years with an average filling rate of more than 83% at the end of December.
This is 30% more than last year at the same time and 10% more than the average for the past five years.
But these variations in wholesale prices are not directly reflected in the prices charged to consumers.
Indeed, from 1 January, the increase in regulated natural gas sales prices will be limited to 15%.
This tariff shield applies to residential subscribers (consuming less than 30 MWh/year) as well as co-ownerships with an individual natural gas supply contract.
The tariff shield was extended until June 30 by the 2023 finance law.
