Energy prices rise as wholesale gas hits three-year high

Wholesale gas prices have reached their highest level in over three years, rising from approximately 58 euro per megawatt hour (MWh) in early August to around 80 euro per MWh. According to the Authority for Consumers and Markets (ACM), this increase is more than double the price seen before the conflict involving Iran.

These wholesale fluctuations are directly impacting consumer costs. Vattenfall has increased its rates, with new one-year gas contracts priced at €1.817 per m³. Other providers, including Gewoon Energie, Innova Energie, and Engie, have also implemented price hikes or extended contract terms. For a typical household, Vattenfall's rate changes could result in an additional €85.60 per year.

The ACM warns of continued market uncertainty. Because much of the electricity is generated in gas-fired power plants, rising gas prices are also driving up electricity costs. Wholesale electricity prices for 2027 are already more than 60 percent higher than pre-conflict levels. The ACM advises consumers to review their energy contracts in September before the heating season begins in October.