European gas prices hit €50/MWh, sparking electricity cost worries

The European natural‑gas benchmark (TTF) has risen to around €50 per megawatt‑hour, despite a de‑escalation of tensions in the Middle East and stabilising oil prices. Analysts point to slow replenishment of gas storage – about 49 % full versus 59 % a year earlier – and heightened summer demand from tourism, air‑conditioning and reduced wind output as the main drivers. The higher gas price is feeding through to wholesale electricity markets, with Greece reporting a wholesale price of roughly €113/MWh, comparable to last winter but above earlier summer levels.

Greek authorities say they are closely monitoring the situation but are not yet moving to subsidise electricity bills. The government notes that regional markets such as Bulgaria, Romania and Hungary are also seeing elevated prices, and that the increased reliance on gas‑fired generation could push winter electricity costs higher. No immediate policy shift has been announced, but the outlook remains cautious as storage fills slowly and demand stays strong.