The cost of wholesale European gas has increased by 572% this year to 276.23 euros per megawatt-hour, or approximately $274.70. Analysts predict that price increases will continue as winter approaches, fueling inflationary fears as Europe battles to cope with Russia's interruption of natural gas supplies.
Earlier in the summer, Gazprom, the state-owned energy company of Russia, said that natural gas exports through the crucial Nord Stream pipeline to Germany would fall to around 20% of the pipe's capacity. The company attributed the decline to issues with a turbine, which stoked new concerns about Europe's ability to store enough gas for the winter.
