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October 13, 2023 : According to a recent report from the European Commission, average monthly gas retail prices in the European Union decreased steadily during the first three months of 2023. Still, prices remained above historical levels and varied widely across member states.
The report found that prices averaged $0.14 (13.27 euro cents) per kilowatt hour (kWh) in the January-March 2023 quarter, down 24 percent from the historic high of $0.19 (17.57) euro cents in September 2022 and 17 percent against the prior quarter.
The decline in gas prices was driven by a number of factors, including a milder winter than usual, increased LNG supplies from the United States, and a reduction in gas demand from industry.
However, the report also noted that gas prices remained above historic levels and that the price variation across member states remained significant. For example, the average gas price in Denmark was $0.07 (6.62 euro cents) per kWh in the first quarter of 2023, while the average gas price in the Netherlands was $0.22 (20.80 euro cents) per kWh.
The report also warned that the outlook for gas prices was uncertain and that prices could rise again in the winter of 2023-2024 if there is a cold winter or disruptions to gas supplies.
