Topic overview
Briefly
- Gas storage sites in the EU are reported to be unusually low for this time of year.
- Oxford Economics forecasts a rise in European gas prices to nearly €60 per megawatt hour this winter.
- The upcoming winter is expected to be the toughest for the EU since the 2021-2022 energy crisis.
What happened
The European Union is bracing for a challenging winter regarding energy supplies, as gas storage facilities are reported to be unusually low for this time of year. This situation has been highlighted in a briefing released on August 13, 2026, by Oxford Economics, a consultancy linked to Oxford University's business school in the UK. The lead economist, Daniel Kral, indicated that the upcoming winter is likely to be the most difficult for the EU since the energy crisis of 2021-2022. The firm is set to revise its gas price forecast, predicting an increase to nearly €60 per megawatt hour, up from the current estimate of €45. This anticipated rise in gas prices is attributed to the low levels of gas storage, which could lead to significant economic implications for the EU as it navigates through the winter months. The situation raises concerns about energy security and affordability for consumers and businesses alike, as the region continues to recover from previous energy crises and seeks to stabilize its energy supply chain.
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