Europe is in the middle of another summer heatwave. That is part of the reason the coming winter is shaping up to be an expensive one.
Record temperatures are pushing up electricity demand while drought and heat are curbing hydro and nuclear generation. That is forcing gas-fired power stations to fill part of the gap just as Europe should be putting more gas into storage.
That pressure is already showing up in wholesale gas prices.
Dutch TTF futures, Europe's main gas benchmark, have climbed roughly 120% since the start of 2026, reaching about €63.7 per megawatt-hour on August 18.
Gas prices remain well below the €350/MWh peak reached during the 2022 energy crisis triggered by Russia’s invasion of Ukraine. But Europe is heading into winter with inventories depleted and little room for another supply shock.
