Gas Price Tops €100 per MWh, Austrian Storage at 67.8%
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The European benchmark gas price rose above €100 per megawatt hour on Wednesday 28 October 2026, the first time since 2022. The Dutch TTF front-month contract traded at about €100.3 in the afternoon, up more than 4% on the day. At the start of September it was still below €70, and before the Iran war began in late February it stood at around €30.
Traders point to the near blockade of the Strait of Hormuz, which has cut liquefied gas exports from the Gulf to roughly a quarter of the pre-war volume. Storage adds to the pressure. According to the European storage platform AGSI, Austria's gas storage was 67.8% full, against 84.1% a year earlier. Across Europe the level is just under 75%, compared with almost 83% last year. Forecasts of below-average temperatures for early November could push demand higher still.
Whether households feel the rise depends on their contract. Fixed-price tariffs are usually adjusted once a year, so customers with a price guarantee are not hit by the current peak for now. Floating tariffs follow the market price and can pass higher costs on sooner. According to the regulator E-Control, the cheapest gas product on the Austrian market currently costs about 5.5 cents per kilowatt hour, around 2.5 cents less than the average, so comparing providers can save money.
The outlook is uncertain. A media report says the United States has asked several states in the Gulf region to prepare for possible military action against Iran after the US midterm elections on 3 November, though no final decision has been made. An energy market analyst said that above €100 the question grows of what price level could prompt governments to step in to curb demand. The EU energy commissioner had already warned earlier on Wednesday of another energy crisis and a difficult winter.
What to do: check when your price guarantee ends, and compare tariffs before renewing your contract.
Sources: ORF, Der Standard
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