European energy prices highest since 2022: a harsh winter ahead

German electricity contracts for January surpassed 180 euros per MWh — more than 60 percent higher than a year earlier. The Dutch TTF benchmark rose above 81 euros per MWh, reaching levels unseen since late 2022. Rising gas prices, supply disruptions from the Middle East, and tight LNG markets may mean the hardest winter for industry and households since Russia's invasion of Ukraine, undermining ECB hopes of lasting inflation control.

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