Shortly before 4 p.m., the Dutch TTF futures contract, considered the European benchmark, moved to 29.90 euros per megawatt hour.
There price drop continues for gas. Already back below its pre-war price in Ukraine – around 40 euros per MWh – for two months, European natural gas briefly fell below 30 euros per MWh on Thursday afternoon. Shortly before 4 p.m., the Dutch TTF futures contract, considered the European benchmark, moved to 29.90 euros per megawatt hour. A few minutes later, it rose slightly, to around 30 euros.
Such a level had not been reached since 2021. In the meantime, the war in Ukraine and pressure on demand had driven prices to peaks: in August 2022, a peak at more than 300 euros the megawatt hour had been noted, while fears surrounded the supply of the European continent. The situation has since calmed down, with the market remaining well supplied, with storage levels in Europe comfortable and rising temperatures weighing on demand.
The authorities of the various nations are closely scrutinizing the price curve, while inflation has crushed household and business budgets since the end of 2021. In France, the tariff shield limiting the explosion of gas bills must end this year, according to the Minister of the Economy and Finance: As market prices have returned to an acceptable level, “there is no reason to maintain this shield“, recently declared Bruno Le Maire.