Europe is experiencing higher gas prices than ever before

 

Europe is experiencing higher gas prices than ever before

After Putin's attack on Ukraine, natural gas prices have risen again. Since then, they have broken an historic record.

Due to the Ukrainian war, natural gas prices have reached an all-time high in Europe and are now over EUR 200 per megawatt hour for the first time. At the Dutch trading center TTF, 1 megawatt hour of gas was traded for 213.895 euros on Friday.

The Ukraine war is also having an impact on the energy markets, which is fueling discussions about whether coal should be phased out. Since raw materials are important sources of raw materials, around 40 percent of Europe's natural gas comes from Russia.

Before the Russian attack on Ukraine, gas prices had increased significantly in the past few months, which increased costs for consumers and inflation in Germany, as well.

According to comparison portals, the long-term average price is between ten and 25 euros, so the end of 2021 price was around 148 euros per megawatt hour.

Vladimir Putin ordered the Russian army to invade Ukraine on Thursday last week. The EU and the USA responded with severe sanctions against Russia.