Gas has crossed the Rubicon of inflation. Who is threatened by it?

Disruptions in liquefied natural gas transport from the Middle East are causing supply issues in Europe, leading to rising prices. On Wednesday, the price of contracts at the Dutch TTF hub briefly reached 100 euros per MWh, a level not seen since early 2022. Analysts predict high gas prices for at least another year, even if the ongoing conflict ends. Currently, EU gas storage is only 74% full, below the required 80% by November. The high wholesale gas prices are impacting consumer and industrial energy bills, with some sectors already reducing production due to costs. Governments in the EU have spent €17.9 billion this year to mitigate the effects of rising energy prices.