The European Union already has natural gas reserves for the winter, but the market situation will also depend on the weather. Gas prices may rise from the current approximately €35 to €45 per megawatt-hour by the end of the year, according to Allianz Trade's forecast.
Due to a mild winter and energy conservation, the EU has reduced its gas demand. In the first quarter of 2023, consumption was 13 percent lower than the average for this period. However, if the winter is severe and the efficiency of wind and solar energy is low, demand may exceed supply. This, in turn, could lead to an exhaustion of energy reserves in the spring of 2024 and put pressure on energy prices.