That doesn’t ensure European consumers will get a break from high energy bills in the coming months. Since very little gas is being piped in from Russia (pdf), several factors could cause a swing in prices. A cold winter, heightened competition for LNG from Asia, or increased use of gas by Europeans, could strain even fully-stocked gas reserves, potentially pushing prices back up.


In a paper published on Monday (May 8), Goldman Sachs estimated that average prices for the coming winter to be above €90 ($97.7)/MWh, and over €100 for a particularly harsh winter.

Correction: An earlier version of this article calculated the drop to be 150%, while it should have been 86%.

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