If imported gas from Russia cost about 12 euros per megawatt-hour at…
If imported gas from Russia cost about 12 euros per megawatt-hour at the German border in 2020, then at the beginning of this week the trading price in Europe was already 60 euros. Germany faced a fivefold increase in the price of imported gas.
Consensus
- Germany is paying five times more for gas than it did in 2020.
- The price of gas at the German border has reached around €60 per megawatt-hour.
- Russia's energy supplies to Germany have ceased.
- Norway is now the main supplier of gas to Germany, accounting for about 44% of imports.
- Netherlands and Belgium supply 24% and 21% respectively.
- Approximately 10% of gas comes via LNG terminals in the North and Baltic Seas.
- Equinor is a key player in supplying gas to Germany since 1977.
- The price increase is linked to the end of long-term Russian contracts with low prices and dependence on global LNG markets.
- European gas prices are sensitive to disruptions in the Persian Gulf.
- Final consumer prices reflect only part of the volatility, as about half consists of network fees and taxes.
- In January, average household electricity prices were 11.10 cents per kWh, up from 5–6 cents before the crisis.
Points of divergence
- The price was around 31 euros per megawatt-hour before the Middle East conflict escalated, and it rose to 60 euros in early this week. — vesti
- Before the escalation on the Middle East, gas prices were at about 40 euros per megawatt-hour. — vedomosti
- German gas storage facilities are only about 45% full, which is significantly lower than previous years. — vedomosti
- As of July 7, the volume of accumulated gas in European underground storages was 10.3 billion cubic meters less than in the same period of 2025, or 16.8% lower. — vedomosti
- If current rates continue, storage levels by October 1 will be below 75%. — vedomosti
Coverage (3 sources)
- Germany forced to pay for gas five times more than six years ago — Вести
- Berliner Zeitung: Germany pays five times more for gas than in 2020 — Ведомости
- Germany faces fivefold increase in imported gas prices — Коммерсантъ