Annual TTF Gas Price in Europe Up by 166% in 2022 Year-on-Year, According to Elexys
/ Go to the mediabankA Russian gas station. file photo 
/ Go to the mediabank
MOSCOW (Sputnik) – The average annual gas price at the largest European gas hub TTF increased 2.7 times in 2022 year-on-year, to 123.3 euros ($131.25) per megawatt-hour (MWh), according to data from Belgian energy company Elexys revealed on Sunday. The cost of the day-ahead gas contract amounted to an average of 123.3 euros per MWh last year, compared to 46.3 euros in 2021, according to the data. The highest monthly average in 2022 was reached in August, of approximately $2,450 per thousand cubic meters of gas, and the lowest – in February, of nearly $1,100. Average daily peaks were recorded in early spring and late summer, and on August 26, the cost rose to an all-time high of 316 euros per MWh. The price spikes were linked to concerns about gas supplies from major suppliers, including Russia. Last year, Russia’s energy giant Gazprom stopped gas supplies to many European countries. By the end of 2022, the company’s supplies to non-CIS countries decreased by 45.5%, to 100.9 billion cubic meters. In December, EU energy ministers reached a political agreement on a temporary mechanism to limit excessive gas prices, setting the price cap at 180 euros ($191) per MWh. The mechanism will operate from February 15. This measure is aimed at protecting European households and enterprises from gas price spikes. Western media reported that the high cost of energy in Europe led to record high inflation in many states.
