It hasn't been this bad in over a decade. This year, prices have risen nearly threefold.

Gas prices in Europe have nearly tripled since the beginning of 2026, with current benchmark contracts at 95.69 euros per MWh. This follows a recent peak of 97.64 euros, the highest since December 2022. European gas storage levels are at their lowest in years, with only 74.6% capacity compared to a five-year average of 89.5%. Germany, the largest gas consumer in the EU, has storage filled to 61.5%, significantly below the average. In contrast, Poland's gas storage is nearly full at 99.1%.