{"id":2113563,"date":"2026-08-26T05:00:18","date_gmt":"2026-08-26T02:00:18","guid":{"rendered":"https:\/\/analyse.optim.biz\/?p=2113563"},"modified":"2026-08-26T05:00:18","modified_gmt":"2026-08-26T02:00:18","slug":"europes-gas-prices-are-surging-who-will-be-the-first-to-pay-more","status":"publish","type":"post","link":"https:\/\/analyse.optim.biz\/?p=2113563","title":{"rendered":"Europe\u2019s gas prices are surging. Who will be the first to pay more?"},"content":{"rendered":"<p>[analyse_image type=&#8221;featured&#8221; src=&#8221;https:\/\/images.euronews.com\/articles\/stories\/09\/88\/82\/39\/1200x675_cmsv2_7da615d9-ccc9-536c-a248-ae1f91c6d72e-9888239.jpg&#8221;]<\/p>\n<article id=\"abe-2920852-pos1-c-latest-stories\" class=\"the-media-object m-modeMobile-1 m-modeDesktop-1 m-modeXL-1\" data-nid=\"2920852\" data-cid=\"9890437\" data-part-label=\"Partner content\">\n<figure id=\"abe-2920852-label-pos1-c-latest-stories\" class=\"the-media-object__figure\"><img decoding=\"async\" class=\"the-media-object__image\" src=\"https:\/\/images.euronews.com\/articles\/stories\/09\/89\/04\/37\/189x106_cmsv2_259cc852-16d1-5a1b-ab1f-a735f6f187b6-9890437.jpg\" loading=\"lazy\" alt=\"FILE - CEO Jensen Huang talks during the keynote address of Nvidia GTC Tuesday, March 18, 2025, in San Jose, Calif. 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(AP Photo\/Brandon Pinto)\" height=\"9\" width=\"16\"><\/figure>\n<div class=\"the-media-object__content\">\n                    World News<\/p>\n<div class=\"the-media-object__title  \">\n<p>    5.1-magnitude earthquake hits Colombia, forcing evacuations\n  <\/p><\/div>\n<\/div>\n<\/article>\n<article id=\"abe-2920852-pos1-c-latest-stories-sidebar\" class=\"the-media-object m-modeMobile-2 m-modeDesktop-2 m-modeXL-2\" data-nid=\"2920852\" data-cid=\"9890437\" data-part-label=\"Partner content\">\n<figure id=\"abe-2920852-label-pos1-c-latest-stories-sidebar\" class=\"the-media-object__figure\"><img decoding=\"async\" class=\"the-media-object__image\" src=\"https:\/\/images.euronews.com\/articles\/stories\/09\/89\/04\/37\/189x106_cmsv2_259cc852-16d1-5a1b-ab1f-a735f6f187b6-9890437.jpg\" loading=\"lazy\" alt=\"FILE - CEO Jensen Huang talks during the keynote address of Nvidia GTC Tuesday, March 18, 2025, in San Jose, Calif. (AP Photo\/Nic Coury)\" height=\"9\" width=\"16\"><\/figure>\n<div class=\"the-media-object__content\">\n                    Markets<\/p>\n<div class=\"the-media-object__title  \">\n<p>    Nvidia smashes Q2 forecasts at $96.2bn as AI hits &#8216;inflection point&#8217;\n  <\/p><\/div>\n<\/div>\n<\/article>\n<article id=\"abe-2920856-pos2-c-latest-stories-sidebar\" class=\"the-media-object m-modeMobile-2 m-modeDesktop-2 m-modeXL-2 the-media-object--has-video\" data-nid=\"2920856\" data-cid=\"9890454\" data-part-label=\"Partner content\">\n<figure id=\"abe-2920856-label-pos2-c-latest-stories-sidebar\" class=\"the-media-object__figure\"><img decoding=\"async\" class=\"the-media-object__image\" src=\"https:\/\/images.euronews.com\/articles\/stories\/09\/89\/04\/54\/189x106_cmsv2_375103c9-af92-5209-bcde-5384cdb32dac-9890454.jpg\" loading=\"lazy\" alt=\"Revelers throw tomatoes at each other during the annual &quot;Tomatina&quot; tomato fight fiesta, in the village of Bunol near Valencia\" height=\"9\" width=\"16\"><\/figure>\n<div class=\"the-media-object__content\">\n                    No Comment<\/p>\n<div class=\"the-media-object__title  \">\n<p>    La Tomatina 2026: thousands turn Spanish town red in annual tomato fight\n  <\/p><\/div>\n<\/div>\n<\/article>\n<article id=\"abe-2920855-pos3-c-latest-stories-sidebar\" class=\"the-media-object m-modeMobile-2 m-modeDesktop-2 m-modeXL-2\" data-nid=\"2920855\" data-cid=\"9890453\" data-part-label=\"Partner content\">\n<figure id=\"abe-2920855-label-pos3-c-latest-stories-sidebar\" class=\"the-media-object__figure\"><img decoding=\"async\" class=\"the-media-object__image\" src=\"https:\/\/images.euronews.com\/articles\/stories\/09\/89\/04\/53\/189x106_cmsv2_f8db13c9-ab38-5edb-a3d1-a2306563164a-9890453.jpg\" loading=\"lazy\" alt=\"Image shared by the US Capitol Police\" height=\"9\" width=\"16\"><\/figure>\n<div class=\"the-media-object__content\">\n                    USA<\/p>\n<div class=\"the-media-object__title  \">\n<p>    US police arrest driver transporting guillotine in truck in Washington\n  <\/p><\/div>\n<\/div>\n<\/article>\n<article id=\"abe-2920831-pos4-c-latest-stories-sidebar\" class=\"the-media-object m-modeMobile-2 m-modeDesktop-2 m-modeXL-2\" data-nid=\"2920831\" data-cid=\"9890403\" data-part-label=\"Partner content\">\n<figure id=\"abe-2920831-label-pos4-c-latest-stories-sidebar\" class=\"the-media-object__figure\"><img decoding=\"async\" class=\"the-media-object__image\" src=\"https:\/\/images.euronews.com\/articles\/stories\/09\/89\/04\/01\/189x106_cmsv2_f4e6d0b4-ffbb-556c-9517-5316999cbeff-9890401.jpg\" loading=\"lazy\" alt=\"FILE: Rescuers carry the body of a victim four days after the earthquake that struck Pereira, Colombia, on 14 August 2026. (AP Photo\/Brandon Pinto)\" height=\"9\" width=\"16\"><\/figure>\n<div class=\"the-media-object__content\">\n                    World News<\/p>\n<div class=\"the-media-object__title  \">\n<p>    5.1-magnitude earthquake hits Colombia, forcing evacuations\n  <\/p><\/div>\n<\/div>\n<\/article>\n<article class=\"helper-site-row o-article-newsy\">\n<div class=\"helper-site-container o-article-newsy__container\">\n<div class=\"o-article-newsy__main\">\n<header class=\"h-grid o-article-newsy__main__header\">\n<nav aria-label=\"Breadcrumbs\" class=\"c-article-breadcrumbs\">\n<div id=\"adb-article-breadcrumb\" class=\"c-article-breadcrumbs__list\">\n<p>                          Business<\/p>\n<p>                          Economy<\/p><\/div>\n<\/nav>\n<h1 class=\"c-article-redesign-title\">\n                            Europe\u2019s gas prices are surging. Who will be the first to pay more?<\/h1>\n<div class=\"c-article-image-video u-position-relative \">\n<div class=\"js-superdiv u-aspect-ratio-16x9 u-position-relative \" data-controller=\"video-player\" data-sponsored=\"Partner content\"><img fetchpriority=\"high\" decoding=\"async\" class=\"js-poster-img c-article-media__img\" src=\"https:\/\/images.euronews.com\/articles\/stories\/09\/88\/82\/39\/1536x864_cmsv2_7da615d9-ccc9-536c-a248-ae1f91c6d72e-9888239.jpg\" width=\"1536\" height=\"864\" loading=\"eager\" alt=\"File - Wind turbines turn beside BP\u2019s Scholven refinery in Gelsenkirchen, Germany, on 22 October 2022. \"><\/div>\n<div class=\"c-article-caption u-position-absolute\"><i id=\"article-caption-content\" class=\"c-article-caption__content\"><span class=\"c-article-caption__text\"><br \/>\n              File &#8211; Wind turbines turn beside BP\u2019s Scholven refinery in Gelsenkirchen, Germany, on 22 October 2022.<br \/>\n                    <span class=\"u-color-white\">&#8211;\u00a0<\/span><span class=\"c-article-caption__copyright\">Copyright\u00a0<\/span><span class=\"c-article-caption__credit\">AP Photo\/Michael Sohn, File<\/span><\/span><\/i><\/div>\n<div class=\"c-article-image-copyright c-article-image-copyright--novideo\">\n      Copyright\u00a0AP Photo\/Michael Sohn, File\n  <\/div>\n<\/div>\n<\/header>\n<div class=\"h-grid o-article-newsy__main__body u-article-content\">\n<div class=\"o-article-newsy__contributors-publication-date\">\n<div class=\"c-article-contributors\">\n  By&amp;nbspDoloresz Katanich\n<\/div>\n<div class=\"c-article-publication-date\" data-timestamp=\"1787720418\">\n         Published on<br \/>\n            <time datetime=\"2026-08-26 07:00:18 +02:00\">26\/08\/2026 &#8211; 7:00 GMT+2<\/time><\/div>\n<\/div>\n<div class=\"c-article-share-comment u-align-items-center u-display-flex\"><span class=\"c-article-share-comment__links u-align-items-center u-display-flex u-justify-content-center 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decoding=\"async\" src=\"https:\/\/static.euronews.com\/website\/images\/vector\/social-icons\/article-redesign-telegram.svg\" width=\"48\" height=\"48\" alt=\"telegram\" class=\"u-show-for-desktop\" loading=\"lazy\"><span class=\"u-display-flex u-gap-1 u-show-for-mobile-only\"><img decoding=\"async\" src=\"https:\/\/static.euronews.com\/website\/images\/vector\/social-icons\/article-redesign-vk.svg\" width=\"24\" height=\"24\" alt=\"vk\" loading=\"lazy\"><span>VK<\/span><\/span><img decoding=\"async\" src=\"https:\/\/static.euronews.com\/website\/images\/vector\/social-icons\/article-redesign-vk.svg\" width=\"48\" height=\"48\" alt=\"vk\" class=\"u-show-for-desktop\" loading=\"lazy\"><span class=\"u-display-flex u-gap-1 u-show-for-mobile-only\"><img decoding=\"async\" src=\"https:\/\/static.euronews.com\/website\/images\/vector\/social-icons\/article-redesign-bluesky.svg\" width=\"24\" height=\"24\" alt=\"bluesky\" loading=\"lazy\"><span>Bluesky<\/span><\/span><img decoding=\"async\" src=\"https:\/\/static.euronews.com\/website\/images\/vector\/social-icons\/article-redesign-bluesky.svg\" width=\"48\" height=\"48\" alt=\"bluesky\" class=\"u-show-for-desktop\" loading=\"lazy\"><span class=\"u-display-flex u-gap-1 u-show-for-mobile-only\"><img decoding=\"async\" src=\"https:\/\/static.euronews.com\/website\/images\/vector\/social-icons\/article-redesign-threads.svg\" width=\"24\" height=\"24\" alt=\"threads\" loading=\"lazy\"><span>Threads<\/span><\/span><img decoding=\"async\" src=\"https:\/\/static.euronews.com\/website\/images\/vector\/social-icons\/article-redesign-threads.svg\" width=\"48\" height=\"48\" alt=\"threads\" class=\"u-show-for-desktop\" loading=\"lazy\"><span class=\"u-display-flex u-gap-1 u-show-for-mobile-only\"><img decoding=\"async\" src=\"https:\/\/static.euronews.com\/website\/images\/vector\/social-icons\/article-redesign-whatsapp.svg\" width=\"24\" height=\"24\" alt=\"whatsapp\" loading=\"lazy\"><span>Whatsapp<\/span><\/span><img decoding=\"async\" src=\"https:\/\/static.euronews.com\/website\/images\/vector\/social-icons\/article-redesign-whatsapp.svg\" width=\"48\" height=\"48\" alt=\"whatsapp\" class=\"u-show-for-desktop\" loading=\"lazy\"><\/div>\n<\/div>\n<\/div>\n<\/div>\n<h2 class=\"c-article-summary\">\n        Europe could face its toughest winter gas season since 2022 as wholesale prices trade near their highest level in more than three years. Household bills could rise quickly in the Netherlands while taking nearly a year to fully adjust in Germany and Austria.<br \/>\n    <\/h2>\n<div class=\"c-article-content c-article-content--business js-article-content\">\n<p>Gas and electricity bills could increase in Europe this winter if wholesale prices remain elevated long enough to feed through to consumers. <\/p>\n<div>\n<div class=\"c-ad u-show-for-mobile-only\">\n<div class=\"c-ad__placeholder\"><img decoding=\"async\" class=\"c-ad__placeholder__logo\" src=\"https:\/\/static.euronews.com\/website\/images\/logos\/logo-euronews-stacked-outlined-72x72-grey-9.svg\" width=\"72\" height=\"72\" alt loading=\"lazy\"><span>ADVERTISEMENT<\/span><\/div>\n<\/div>\n<div class=\"c-ad u-show-for-desktop\">\n<div class=\"c-ad__placeholder\"><img decoding=\"async\" class=\"c-ad__placeholder__logo\" src=\"https:\/\/static.euronews.com\/website\/images\/logos\/logo-euronews-stacked-outlined-72x72-grey-9.svg\" width=\"72\" height=\"72\" alt loading=\"lazy\"><span>ADVERTISEMENT<\/span><\/div>\n<\/div>\n<\/div>\n<p>The benchmark European wholesale natural gas price, the Dutch front-month TTF, was trading at over \u20ac66 per megawatt-hour (MWh) later on Tuesday, down from above \u20ac68 earlier in the session. This compares with around \u20ac29\/MWh at the beginning of the year.<\/p>\n<p>The rally has been fuelled by growing investor concerns that the Strait of Hormuz could remain closed into the winter.<\/p>\n<p>This comes at a time when the EU\u2019s gas-storage levels remain historically low ahead of the heating season.<\/p>\n<p>EU gas storage was 62.99% full at the end of the gas day on 24 August, according to data from Gas Infrastructure Europe. <\/p>\n<p>\u201cEurope&#8217;s gas stores are unusually low for the time of year,\u201c Natasha Fielding, editorial manager for gas, LNG, coal and biomass at Argus Media, told Euronews Business. She added that this level was far below the five-year average of 79%.<\/p>\n<p>\u201cThe only other time in the last 15 years that stocks were close to as low was in 2021, ahead of the last major gas crisis,\u201d Fielding said.<\/p>\n<p>Among the larger European markets with the lowest storage levels, Germany\u2019s stores were only 51% full, while those in the Netherlands stood at 44.3%.<\/p>\n<p>Oxford Economics pointed out in a report published on 13 August \u2014 before the latest icrease in gas prices \u2014 that EU gas consumption is around 15%-20% lower than in 2021.<\/p>\n<p>It said the EU can operate with lower storage levels, although that would mean relying on more winter LNG imports. And that could leave the EU more exposed to competition with Asian buyers for available cargoes. <\/p>\n<p>The competition is already intensified due to the effective closure of the Strait of Hormuz, disrupting a route that normally carries almost one-fifth of global LNG trade.<\/p>\n<div class=\"c-widget-related\" data-stories-id data-event=\"widget_related\">\n<div class=\"c-widget-related__title\"><b class=\"c-widget-related__title__text\" lang=\"en\">Related<\/b><\/div>\n<ul class=\"c-widget-related__list\">\n<li class=\"c-widget-related__item\">European gas prices hit highest point since March, worse may follow<\/li>\n<li class=\"c-widget-related__item\">Energy experts warn of slow oil and gas supply recovery after Iran deal<\/li>\n<\/ul>\n<\/div>\n<p>In a potential EU-Asia bidding war, wholesale prices could climb further.<\/p>\n<p>At current levels, prices &#8220;will not be enough for Europe to manage storage through winter,&#8221; Goldman Sachs analysts Samantha Dart and Laura Cyr wrote in a note cited by Bloomberg. <\/p>\n<p>&#8220;In a scenario where Middle East energy exports normalise only gradually through 2027, we estimate that December 2026 TTF would likely need to move above \u20ac100\/MWh,&#8221; they said. That is 110% above Goldman\u2019s \u20ac50\/MWh base case, they added.<\/p>\n<p>Oxford Economics said the EU might be forced to suspend parts of its ban on Russian gas imports if supplies tightened further. According to the latest European Commission calculation, Russia\u2019s share of combined pipeline and LNG imports was around 12.5% in 2025. <\/p>\n<p>In January 2026, the Council of the EU adopted a regulation to prohibit both LNG and pipeline gas imports from Russia beginning 18 March 2026, with transition periods for existing contracts. By the end of 2027, all Russian gas imports are due to be prohibited.<\/p>\n<h2><strong>How quickly could household bills follow?<\/strong><\/h2>\n<p>A brief price spike may have a limited effect, but a prolonged rally would gradually feed into new and renewed household contracts.<\/p>\n<p>A jump in wholesale prices does not immediately push retail prices up. The headline TTF price can rise much faster than the EU\u2019s effective import price, which reflects what importers actually pay after existing contracts and hedging arrangements are taken into account. <\/p>\n<p>However, as suppliers\u2019 contracts expire and they buy or hedge more gas at the new, higher market price, the effective import price gradually moves closer to the wholesale price.<\/p>\n<p>Those higher costs may then be passed on to households when tariffs are revised or contracts renewed. <\/p>\n<p>According to Fielding, the extent to which energy bills rise will depend on how long the price rally lasts and whether prices climb further in the coming months. Across the EU, &#8220;households on variable gas tariffs would be among the first to feel the effects of higher wholesale prices,&#8221; she said, adding that the pass-through from gas to electricity bills is typically weaker. <\/p>\n<p>&#8220;Countries with more liberalised retail markets tend to experience a more rapid pass-through,&#8221; Fielding said.<\/p>\n<p>According to Oxford Economics, it takes an average of about six months for changes in wholesale prices to be fully reflected in consumer prices. However, the timing varies widely between countries.<\/p>\n<p>\u201cThe prevailing market structure \u2014 with 12- or even 24-month fixed-price contracts dominating \u2014 means that it takes nearly a year for peak pass-through in markets such as Germany and Austria,\u201d the report said. <\/p>\n<p>Consumer gas prices may respond within a few months in countries like France, Italy and Spain. In some markets, like the Netherlands, pass-through is almost immediate.<\/p>\n<p>Oxford Economics named Italy as the most exposed country to a gas price shock among the large European economies, due to the \u201cinterplay of a relatively fast pass-through and a considerably above-average reliance on gas.\u201d <\/p>\n<p>However, the country currently has one of the highest gas-storage levels, according to data from Gas Infrastructure Europe.<\/p>\n<p>Much depends on how cold the winter is. <\/p>\n<p>Oxford Economics said, \u201cThe backbone of the EU\u2019s space heating remains gas; hence, the EU\u2019s gas prices remain hostage to outside temperatures in the coming winter.\u201d The consultancy added that a sustained cold spell this winter would push up demand for heating and gas.<\/p>\n<p>In their report predating the latest natural gas price spike, Oxford Economics said eurozone consumer energy prices \u2014 including gas, electricity and other household energy costs \u2014 could be as much as 15% higher year on year in the fourth quarter.<\/p>\n<\/div>\n<p>                                  Go to accessibility shortcuts<\/p>\n<div class=\"c-article-share-comment u-align-items-center u-display-flex\"><span class=\"c-article-share-comment__links u-align-items-center u-display-flex u-justify-content-center js-c-article-share-comment-share\"><span class=\"c-article-share-comment__label\">Share<\/span><\/span><span class=\"c-article-share-comment__label\">Comments<\/span><span class=\"c-article-share-comment__label c-article-share-comment__label--always\">Add Euronews on Google<\/span><\/div>\n<div id=\"adb-article-you-might-also-like\" class=\"perf-cv-auto c-article-you-might-also-like\">\n<h2 class=\"c-article-you-might-also-like__title\">\n        Read more<br \/>\n      <\/h2>\n<div class=\"c-article-you-might-also-like__container\">\n<article id=\"abe-2920494-pos0-c-article-you-might-also-like__item\" class=\"the-media-object m-modeMobile-1 m-modeDesktop-1 m-modeXL-1\" data-nid=\"2920494\" data-cid=\"9888465\" data-part-label=\"Partner content\">\n<figure id=\"abe-2920494-label-pos0-c-article-you-might-also-like__item\" class=\"the-media-object__figure\"><img decoding=\"async\" class=\"the-media-object__image\" src=\"https:\/\/images.euronews.com\/articles\/stories\/09\/88\/84\/65\/480x270_cmsv2_b43bd7f7-f9e7-5aba-8d11-5a7a310c8060-9888465.jpg\" loading=\"lazy\" alt=\"Federal Reserve Board Chairman Kevin Warsh speaks during a news conference at the Federal Reserve in Washington, Wednesday, July 29, 2026. (AP Photo\/Mark Schiefelbein)\" height=\"9\" width=\"16\"><\/figure>\n<div class=\"the-media-object__content\">\n                    Economy<\/p>\n<h3 class=\"the-media-object__title  \">\n<p>    Warsh faces yields, a Treasury rescue and inflation at Jackson Hole<br \/>\n  <\/h3>\n<\/div>\n<\/article>\n<article id=\"abe-2920663-pos1-c-article-you-might-also-like__item\" class=\"the-media-object m-modeMobile-1 m-modeDesktop-1 m-modeXL-1\" data-nid=\"2920663\" data-cid=\"9889326\" data-part-label=\"Partner content\">\n<figure id=\"abe-2920663-label-pos1-c-article-you-might-also-like__item\" class=\"the-media-object__figure\"><img decoding=\"async\" class=\"the-media-object__image\" src=\"https:\/\/images.euronews.com\/articles\/stories\/09\/88\/93\/26\/480x270_cmsv2_900ddd9b-02e4-51f0-a05c-ed29855e99c4-9889326.jpg\" loading=\"lazy\" alt=\"File - Wind turbines are seen as the sun rises over the northern Dutch port of Eemshaven, Netherlands, Monday 21 Jan., 2019. \" height=\"9\" width=\"16\"><\/figure>\n<div class=\"the-media-object__content\">\n                    Economy<\/p>\n<h3 class=\"the-media-object__title  \">\n<p>    Netherlands may not have enough gas for a harsh winter, Gasunie warns<br \/>\n  <\/h3>\n<\/div>\n<\/article>\n<article id=\"abe-2920365-pos2-c-article-you-might-also-like__item\" class=\"the-media-object m-modeMobile-1 m-modeDesktop-1 m-modeXL-1 the-media-object--has-video\" data-nid=\"2920365\" data-cid=\"9887794\" data-part-label=\"Partner content\">\n<figure id=\"abe-2920365-label-pos2-c-article-you-might-also-like__item\" class=\"the-media-object__figure\"><img decoding=\"async\" class=\"the-media-object__image\" src=\"https:\/\/images.euronews.com\/articles\/stories\/09\/88\/77\/94\/480x270_cmsv2_595c346f-1607-519c-8a79-07f8a641e272-9887794.jpg\" loading=\"lazy\" alt=\"File - A man works on fans at an EBM-Papst plant in Hollenbach, Germany, Tuesday, 4. February 2025. \" height=\"9\" width=\"16\"><\/figure>\n<div class=\"the-media-object__content\">\n                    Economy<\/p>\n<h3 class=\"the-media-object__title  \">\n<p>    German economy grows faster than estimated as exports rebound<br \/>\n  <\/h3>\n<\/div>\n<\/article>\n<\/div>\n<\/div>\n<div class=\"perf-cv-auto\">\n<ul id=\"adb-article-tags\" class=\"c-tags-list\">\n<li class=\"c-tags-list__item\">\n<section class=\"tc-cta\" data-twig-component=\"Cta-default\">\n  LNG<br \/>\n<\/section>\n<\/li>\n<li class=\"c-tags-list__item\">\n<section class=\"tc-cta\" data-twig-component=\"Cta-default\">\n  Gas<br \/>\n<\/section>\n<\/li>\n<li class=\"c-tags-list__item\">\n<section class=\"tc-cta\" data-twig-component=\"Cta-default\">\n  household bills<br \/>\n<\/section>\n<\/li>\n<li class=\"c-tags-list__item\">\n<section class=\"tc-cta\" data-twig-component=\"Cta-default\">\n  prices<br \/>\n<\/section>\n<\/li>\n<li class=\"c-tags-list__item\">\n<section class=\"tc-cta\" data-twig-component=\"Cta-default\">\n  Natural gas<br \/>\n<\/section>\n<\/li>\n<\/ul>\n<\/div>\n<\/div>\n<\/div>\n<aside class=\"o-article-newsy__aside\">\n<div class=\"c-ad-wrapper o-article-newsy__aside__content-1\" data-ad-name=\"adzone-halfpage\">\n<div class=\"c-ad c-ad-halfpage u-show-for-desktop\">\n<div class=\"c-ad__placeholder\"><img loading=\"lazy\" decoding=\"async\" class=\"c-ad__placeholder__logo\" src=\"https:\/\/static.euronews.com\/website\/images\/logos\/logo-euronews-stacked-outlined-72x72-grey-9.svg\" width=\"72\" height=\"72\" alt><span>ADVERTISEMENT<\/span><\/div>\n<\/div>\n<div class=\"c-ad u-show-for-mobile-only\">\n<div class=\"c-ad__placeholder\"><img loading=\"lazy\" decoding=\"async\" class=\"c-ad__placeholder__logo\" src=\"https:\/\/static.euronews.com\/website\/images\/logos\/logo-euronews-stacked-outlined-72x72-grey-9.svg\" width=\"72\" height=\"72\" alt><span>ADVERTISEMENT<\/span><\/div>\n<\/div>\n<\/div>\n<div id=\"adb-article-top-stories\" class=\"perf-cv-auto c-top-stories\">\n<h2 class=\"c-top-stories__title\">Top stories<\/h2>\n<div class=\"c-top-stories__item\">\n<article id=\"abe-2920852-pos2-top-stories\" class=\"the-media-object m-modeMobile-2 m-modeDesktop-2 m-modeXL-2 the-media-object--no-label\" data-nid=\"2920852\" data-cid=\"9890437\" data-part-label=\"Partner content\">\n<figure id=\"abe-2920852-label-pos2-top-stories\" class=\"the-media-object__figure\"><img decoding=\"async\" class=\"the-media-object__image\" src=\"https:\/\/images.euronews.com\/articles\/stories\/09\/89\/04\/37\/320x180_cmsv2_259cc852-16d1-5a1b-ab1f-a735f6f187b6-9890437.jpg\" loading=\"lazy\" alt=\"FILE - CEO Jensen Huang talks during the keynote address of Nvidia GTC Tuesday, March 18, 2025, in San Jose, Calif. (AP Photo\/Nic Coury)\" height=\"9\" width=\"16\"><\/figure>\n<div class=\"the-media-object__content\">\n<h3 class=\"the-media-object__title  \">\n<p>    Nvidia smashes Q2 forecasts at $96.2bn as AI hits &#8216;inflection point&#8217;<br \/>\n  <\/h3>\n<\/div>\n<\/article>\n<\/div>\n<div class=\"c-top-stories__item\">\n<article id=\"abe-2920494-pos3-top-stories\" class=\"the-media-object m-modeMobile-2 m-modeDesktop-2 m-modeXL-2 the-media-object--no-label\" data-nid=\"2920494\" data-cid=\"9888465\" data-part-label=\"Partner content\">\n<figure id=\"abe-2920494-label-pos3-top-stories\" class=\"the-media-object__figure\"><img decoding=\"async\" class=\"the-media-object__image\" src=\"https:\/\/images.euronews.com\/articles\/stories\/09\/88\/84\/65\/320x180_cmsv2_b43bd7f7-f9e7-5aba-8d11-5a7a310c8060-9888465.jpg\" loading=\"lazy\" alt=\"Federal Reserve Board Chairman Kevin Warsh speaks during a news conference at the Federal Reserve in Washington, Wednesday, July 29, 2026. (AP Photo\/Mark Schiefelbein)\" height=\"9\" width=\"16\"><\/figure>\n<div class=\"the-media-object__content\">\n<h3 class=\"the-media-object__title  \">\n<p>    Warsh faces yields, a Treasury rescue and inflation at Jackson Hole<br \/>\n  <\/h3>\n<\/div>\n<\/article>\n<\/div>\n<div class=\"c-top-stories__item\">\n<article id=\"abe-2920663-pos4-top-stories\" class=\"the-media-object m-modeMobile-2 m-modeDesktop-2 m-modeXL-2 the-media-object--no-label\" data-nid=\"2920663\" data-cid=\"9889326\" data-part-label=\"Partner content\">\n<figure id=\"abe-2920663-label-pos4-top-stories\" class=\"the-media-object__figure\"><img decoding=\"async\" class=\"the-media-object__image\" src=\"https:\/\/images.euronews.com\/articles\/stories\/09\/88\/93\/26\/320x180_cmsv2_900ddd9b-02e4-51f0-a05c-ed29855e99c4-9889326.jpg\" loading=\"lazy\" alt=\"File - Wind turbines are seen as the sun rises over the northern Dutch port of Eemshaven, Netherlands, Monday 21 Jan., 2019. \" height=\"9\" width=\"16\"><\/figure>\n<div class=\"the-media-object__content\">\n<h3 class=\"the-media-object__title  \">\n<p>    Netherlands may not have enough gas for a harsh winter, Gasunie warns<br \/>\n  <\/h3>\n<\/div>\n<\/article>\n<\/div>\n<div class=\"c-top-stories__item\">\n<article id=\"abe-2920621-pos5-top-stories\" class=\"the-media-object m-modeMobile-2 m-modeDesktop-2 m-modeXL-2 the-media-object--no-label\" data-nid=\"2920621\" data-cid=\"9889065\" data-part-label=\"Partner content\">\n<figure id=\"abe-2920621-label-pos5-top-stories\" class=\"the-media-object__figure\"><img decoding=\"async\" class=\"the-media-object__image\" src=\"https:\/\/images.euronews.com\/articles\/stories\/09\/79\/71\/84\/320x180_cmsv2_cd63eae8-784d-5400-b338-83f9ba3b8a81-9797184.jpg\" loading=\"lazy\" alt=\"FILE - 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February 2025. \" height=\"9\" width=\"16\"><\/figure>\n<div class=\"the-media-object__content\">\n                    Economy<\/p>\n<h3 class=\"the-media-object__title  \">\n<p>    German economy grows faster than estimated as exports rebound<br \/>\n  <\/h3>\n<\/div>\n<\/article>\n<article id=\"abe-2920852-pos2-top-stories\" class=\"the-media-object m-modeMobile-2 m-modeDesktop-2 m-modeXL-2 the-media-object--no-label\" data-nid=\"2920852\" data-cid=\"9890437\" data-part-label=\"Partner content\">\n<figure id=\"abe-2920852-label-pos2-top-stories\" class=\"the-media-object__figure\"><img decoding=\"async\" class=\"the-media-object__image\" src=\"https:\/\/images.euronews.com\/articles\/stories\/09\/89\/04\/37\/320x180_cmsv2_259cc852-16d1-5a1b-ab1f-a735f6f187b6-9890437.jpg\" loading=\"lazy\" alt=\"FILE - CEO Jensen Huang talks during the keynote address of Nvidia GTC Tuesday, March 18, 2025, in San Jose, Calif. (AP Photo\/Nic Coury)\" height=\"9\" width=\"16\"><\/figure>\n<div class=\"the-media-object__content\">\n<h3 class=\"the-media-object__title  \">\n<p>    Nvidia smashes Q2 forecasts at $96.2bn as AI hits &#8216;inflection point&#8217;<br \/>\n  <\/h3>\n<\/div>\n<\/article>\n<article id=\"abe-2920494-pos3-top-stories\" class=\"the-media-object m-modeMobile-2 m-modeDesktop-2 m-modeXL-2 the-media-object--no-label\" data-nid=\"2920494\" data-cid=\"9888465\" data-part-label=\"Partner content\">\n<figure id=\"abe-2920494-label-pos3-top-stories\" class=\"the-media-object__figure\"><img decoding=\"async\" class=\"the-media-object__image\" src=\"https:\/\/images.euronews.com\/articles\/stories\/09\/88\/84\/65\/320x180_cmsv2_b43bd7f7-f9e7-5aba-8d11-5a7a310c8060-9888465.jpg\" loading=\"lazy\" alt=\"Federal Reserve Board Chairman Kevin Warsh speaks during a news conference at the Federal Reserve in Washington, Wednesday, July 29, 2026. (AP Photo\/Mark Schiefelbein)\" height=\"9\" width=\"16\"><\/figure>\n<div class=\"the-media-object__content\">\n<h3 class=\"the-media-object__title  \">\n<p>    Warsh faces yields, a Treasury rescue and inflation at Jackson Hole<br \/>\n  <\/h3>\n<\/div>\n<\/article>\n<article id=\"abe-2920663-pos4-top-stories\" class=\"the-media-object m-modeMobile-2 m-modeDesktop-2 m-modeXL-2 the-media-object--no-label\" data-nid=\"2920663\" data-cid=\"9889326\" data-part-label=\"Partner content\">\n<figure id=\"abe-2920663-label-pos4-top-stories\" class=\"the-media-object__figure\"><img decoding=\"async\" class=\"the-media-object__image\" src=\"https:\/\/images.euronews.com\/articles\/stories\/09\/88\/93\/26\/320x180_cmsv2_900ddd9b-02e4-51f0-a05c-ed29855e99c4-9889326.jpg\" loading=\"lazy\" alt=\"File - Wind turbines are seen as the sun rises over the northern Dutch port of Eemshaven, Netherlands, Monday 21 Jan., 2019. \" height=\"9\" width=\"16\"><\/figure>\n<div class=\"the-media-object__content\">\n<h3 class=\"the-media-object__title  \">\n<p>    Netherlands may not have enough gas for a harsh winter, Gasunie warns<br \/>\n  <\/h3>\n<\/div>\n<\/article>\n<article id=\"abe-2920621-pos5-top-stories\" class=\"the-media-object m-modeMobile-2 m-modeDesktop-2 m-modeXL-2 the-media-object--no-label\" data-nid=\"2920621\" data-cid=\"9889065\" data-part-label=\"Partner content\">\n<figure id=\"abe-2920621-label-pos5-top-stories\" class=\"the-media-object__figure\"><img decoding=\"async\" class=\"the-media-object__image\" src=\"https:\/\/images.euronews.com\/articles\/stories\/09\/79\/71\/84\/320x180_cmsv2_cd63eae8-784d-5400-b338-83f9ba3b8a81-9797184.jpg\" loading=\"lazy\" alt=\"FILE - Dario Amodei, CEO and co-founder of Anthropic, attends the annual meeting of the World Economic Forum in Davos, Switzerland, 23 Jan. 2025. \" height=\"9\" width=\"16\"><\/figure>\n<div class=\"the-media-object__content\">\n<h3 class=\"the-media-object__title  \">\n<p>    Anthropic IPO: Five things to know before its Wall Street debut<br \/>\n  <\/h3>\n<\/div>\n<\/article>\n<article id=\"abe-2920624-pos6-top-stories\" class=\"the-media-object m-modeMobile-2 m-modeDesktop-2 m-modeXL-2 the-media-object--no-label\" data-nid=\"2920624\" data-cid=\"9889737\" data-part-label=\"Partner content\">\n<figure id=\"abe-2920624-label-pos6-top-stories\" class=\"the-media-object__figure\"><img decoding=\"async\" class=\"the-media-object__image\" src=\"https:\/\/images.euronews.com\/articles\/stories\/09\/88\/90\/90\/320x180_cmsv2_1058657f-88a6-503d-835f-ce40a76075cc-9889090.jpg\" loading=\"lazy\" alt=\"A Waymo vehicle in San Bruno, California, 30 September 2025\" height=\"9\" width=\"16\"><\/figure>\n<div class=\"the-media-object__content\">\n<h3 class=\"the-media-object__title  \">\n<p>    After Uber, Waymo to launch the EU&#8217;s first robotaxis in Munich<br \/>\n  <\/h3>\n<\/div>\n<\/article>\n<article id=\"abe-2920353-pos1-mostViewed\" class=\"the-media-object m-modeMobile-3 m-modeDesktop-3 m-modeXL-3 the-media-object--has-related the-media-object--no-label\" data-nid=\"2920353\" data-cid=\"9887957\" data-part-label=\"Partner content\">\n<div class=\"the-media-object__content\">\n<h3 class=\"the-media-object__title  \">\n<p>    Luxottica founder&#8217;s son resigns, says company has lost its soul<br \/>\n  <\/h3>\n<\/div>\n<\/article>\n<article id=\"abe-2920452-pos2-mostViewed\" class=\"the-media-object m-modeMobile-3 m-modeDesktop-3 m-modeXL-3 the-media-object--no-label\" data-nid=\"2920452\" data-cid=\"9888239\" data-part-label=\"Partner content\">\n<div class=\"the-media-object__content\">\n<h3 class=\"the-media-object__title  \">\n<p>    Europe\u2019s gas prices are surging. Who will be the first to pay more?<br \/>\n  <\/h3>\n<\/div>\n<\/article>\n<article id=\"abe-2920630-pos3-mostViewed\" class=\"the-media-object m-modeMobile-3 m-modeDesktop-3 m-modeXL-3 the-media-object--has-related the-media-object--no-label\" data-nid=\"2920630\" data-cid=\"9889109\" data-part-label=\"Partner content\">\n<div class=\"the-media-object__content\">\n<h3 class=\"the-media-object__title  \">\n<p>    Nvidia earnings preview: The report the entire market is waiting on<br \/>\n  <\/h3>\n<\/div>\n<\/article>\n<article id=\"abe-2920621-pos4-mostViewed\" class=\"the-media-object m-modeMobile-3 m-modeDesktop-3 m-modeXL-3 the-media-object--no-label\" data-nid=\"2920621\" data-cid=\"9889065\" data-part-label=\"Partner content\">\n<div class=\"the-media-object__content\">\n<h3 class=\"the-media-object__title  \">\n<p>    Anthropic IPO: Five things to know before its Wall Street debut<br \/>\n  <\/h3>\n<\/div>\n<\/article>\n<article id=\"abe-2918934-pos5-mostViewed\" class=\"the-media-object m-modeMobile-3 m-modeDesktop-3 m-modeXL-3 the-media-object--has-related the-media-object--no-label\" data-nid=\"2918934\" data-cid=\"9885808\" data-part-label=\"Partner content\">\n<div class=\"the-media-object__content\">\n<h3 class=\"the-media-object__title  \">\n<p>    Spanish workers spend the equivalent of 231 days paying taxes, study says<br \/>\n  <\/h3>\n<\/div>\n<\/article>\n<div class=\"articleBody\" data-key=\"articleBody\">Gas and electricity bills could increase in Europe this winter if wholesale prices remain elevated long enough to feed through to consumers.The benchmark European wholesale natural gas price, the Dutch front-month TTF, was trading at over \u20ac66 per megawatt-hour (MWh) later on Tuesday, down from above \u20ac68 earlier in the session. This compares with around \u20ac29\/MWh at the beginning of the year.The rally has been fuelled by growing investor concerns that the Strait of Hormuz could remain closed into the winter.This comes at a time when the EU\u2019s gas-storage levels remain historically low ahead of the heating season.EU gas storage was 62.99% full at the end of the gas day on 24 August, according to data from Gas Infrastructure Europe.\u201cEurope&#8217;s gas stores are unusually low for the time of year,\u201c Natasha Fielding, editorial manager for gas, LNG, coal and biomass at Argus Media, told Euronews Business. She added that this level was far below the five-year average of 79%.\u201cThe only other time in the last 15 years that stocks were close to as low was in 2021, ahead of the last major gas crisis,\u201d Fielding said.Among the larger European markets with the lowest storage levels, Germany\u2019s stores were only 51% full, while those in the Netherlands stood at 44.3%.Oxford Economics pointed out in a report published on 13 August \u2014 before the latest icrease in gas prices \u2014 that EU gas consumption is around 15%-20% lower than in 2021.It said the EU can operate with lower storage levels, although that would mean relying on more winter LNG imports. And that could leave the EU more exposed to competition with Asian buyers for available cargoes.The competition is already intensified due to the effective closure of the Strait of Hormuz, disrupting a route that normally carries almost one-fifth of global LNG trade.In a potential EU-Asia bidding war, wholesale prices could climb further.At current levels, prices &#8220;will not be enough for Europe to manage storage through winter,&#8221; Goldman Sachs analysts Samantha Dart and Laura Cyr wrote in a note cited by Bloomberg.&#8221;In a scenario where Middle East energy exports normalise only gradually through 2027, we estimate that December 2026 TTF would likely need to move above \u20ac100\/MWh,&#8221; they said. That is 110% above Goldman\u2019s \u20ac50\/MWh base case, they added.Oxford Economics said the EU might be forced to suspend parts of its ban on Russian gas imports if supplies tightened further. According to the latest European Commission calculation, Russia\u2019s share of combined pipeline and LNG imports was around 12.5% in 2025.In January 2026, the Council of the EU adopted a regulation to prohibit both LNG and pipeline gas imports from Russia beginning 18 March 2026, with transition periods for existing contracts. By the end of 2027, all Russian gas imports are due to be prohibited.How quickly could household bills follow?A brief price spike may have a limited effect, but a prolonged rally would gradually feed into new and renewed household contracts.A jump in wholesale prices does not immediately push retail prices up. The headline TTF price can rise much faster than the EU\u2019s effective import price, which reflects what importers actually pay after existing contracts and hedging arrangements are taken into account.However, as suppliers\u2019 contracts expire and they buy or hedge more gas at the new, higher market price, the effective import price gradually moves closer to the wholesale price.Those higher costs may then be passed on to households when tariffs are revised or contracts renewed.According to Fielding, the extent to which energy bills rise will depend on how long the price rally lasts and whether prices climb further in the coming months. Across the EU, &#8220;households on variable gas tariffs would be among the first to feel the effects of higher wholesale prices,&#8221; she said, adding that the pass-through from gas to electricity bills is typically weaker.&#8221;Countries with more liberalised retail markets tend to experience a more rapid pass-through,&#8221; Fielding said.According to Oxford Economics, it takes an average of about six months for changes in wholesale prices to be fully reflected in consumer prices. However, the timing varies widely between countries.\u201cThe prevailing market structure \u2014 with 12- or even 24-month fixed-price contracts dominating \u2014 means that it takes nearly a year for peak pass-through in markets such as Germany and Austria,\u201d the report said.Consumer gas prices may respond within a few months in countries like France, Italy and Spain. In some markets, like the Netherlands, pass-through is almost immediate.Oxford Economics named Italy as the most exposed country to a gas price shock among the large European economies, due to the \u201cinterplay of a relatively fast pass-through and a considerably above-average reliance on gas.\u201dHowever, the country currently has one of the highest gas-storage levels, according to data from Gas Infrastructure Europe.Much depends on how cold the winter is.Oxford Economics said, \u201cThe backbone of the EU\u2019s space heating remains gas; hence, the EU\u2019s gas prices remain hostage to outside temperatures in the coming winter.\u201d The consultancy added that a sustained cold spell this winter would push up demand for heating and gas.In their report predating the latest natural gas price spike, Oxford Economics said eurozone consumer energy prices \u2014 including gas, electricity and other household energy costs \u2014 could be as much as 15% higher year on year in the fourth quarter.<\/div>\n<p>[analyse_source url=&#8221;https:\/\/www.euronews.com\/business\/2026\/08\/26\/europes-gas-prices-are-surging-who-will-be-the-first-to-pay-more&#8221;]<\/p>\n","protected":false},"excerpt":{"rendered":"<p>[analyse_image type=&#8221;featured&#8221; src=&#8221;https:\/\/images.euronews.com\/articles\/stories\/09\/88\/82\/39\/1200x675_cmsv2_7da615d9-ccc9-536c-a248-ae1f91c6d72e-9888239.jpg&#8221;] Markets Nvidia smashes Q2 forecasts at $96.2bn as AI hits &#8216;inflection point&#8217; No Comment La Tomatina 2026: thousands turn Spanish town red in annual tomato fight USA US police arrest driver transporting guillotine in truck in Washington World News 5.1-magnitude earthquake hits Colombia, forcing evacuations Markets Nvidia smashes Q2 forecasts at $96.2bn [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[90],"tags":[226,36],"class_list":["post-2113563","post","type-post","status-publish","format-standard","hentry","category-international","tag-crawlmanager","tag-euronews-com"],"_links":{"self":[{"href":"https:\/\/analyse.optim.biz\/index.php?rest_route=\/wp\/v2\/posts\/2113563","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/analyse.optim.biz\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/analyse.optim.biz\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/analyse.optim.biz\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/analyse.optim.biz\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=2113563"}],"version-history":[{"count":0,"href":"https:\/\/analyse.optim.biz\/index.php?rest_route=\/wp\/v2\/posts\/2113563\/revisions"}],"wp:attachment":[{"href":"https:\/\/analyse.optim.biz\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2113563"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/analyse.optim.biz\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2113563"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/analyse.optim.biz\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2113563"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}