Davos: Von der Leyen: Gas cheaper than before the Ukraine war

According to EU Commission President Ursula von der Leyen, gas prices in Europe have fallen faster than expected.

Davos: Von der Leyen: Gas cheaper than before the Ukraine war

According to EU Commission President Ursula von der Leyen, gas prices in Europe have fallen faster than expected. European natural gas prices have fallen by 80 percent this month from their peak in August of 350 euros per megawatt hour, von der Leyen said at the World Economic Forum in Davos on Tuesday. "That's lower than before the war in Ukraine."

Von der Leyen cited the joint efforts of the EU as the reason for the development. Europe has overcome dependence on fossil fuels from Russia and has replaced around 80 percent of Russia's pipeline gas. In addition, the gas storage facilities have been filled and demand reduced - by more than a fifth between August and November.

Against the backdrop of Russia's war of aggression against Ukraine and the sharp drop in Russian gas supplies to Europe, gas prices had risen sharply in 2022, peaking in August. When the Ukraine war broke out in February last year, gas cost around 120 euros per megawatt hour. Most recently, the price on Tuesday morning was between 50 and 60 euros per megawatt hour. One of the reasons for this is the mild winter.

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