With Europe slowly climbing out of the pandemic-induced economic low, growing power demand put an additional strain on gas suppliers. This directly affected electricity prices as gas is a major contributor to EU power production, it being the second largest source for electricity generation. Throughout 2021, Russia exported less gas than in previous years with the objective to restock depleted storage volumes at home. Russian gas dependence in Europe is particularly high among Eastern and Central European countries. The energy supply crisis of 2021 and Europe's reliance on Russian gas importsĮuropean gas prices have surged multiple times in the past year with all instances a reflection of concerns over lower supplies from Russia, the main source of gas imports to the continent. The fall in gas prices since September is a reflection of large stockpiles and uncommonly mild weather. In the week between February 28 and March 7, gas prices spiked to 227.2 euros per megawatt hour following the outbreak of the Russia-Ukraine war. Gas prices rose significantly across Europe in the latter half of 2021 as the continent experienced a supply shortage. Dutch TTF is seen as a Europe-wide natural gas price benchmark. Dutch TTF gas futures amounted to 33.93 euros per megawatt hour on Jfor contracts with delivery in August 2023.
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