European gas prices reach €97 per megawatt-hour, highest since 2022
Gas prices in Europe just shot up to their highest level since 2022; now at €97 per megawatt-hour.
With colder weather settling in and worries about possible supply shortages this winter, demand for heating is rising fast: UK energy contracts are already up 4%.
All of this is making it harder (and pricier) to keep homes warm across the region.
UK spent record £4bn importing power
Geopolitical tensions, especially concerns about US and Israeli action against Iran, have pushed oil prices higher too.
At the same time, Europe's gas reserves are only about 75% full after a busy summer and slower exports from Qatar.
The UK has spent a record £4 billion importing power, and British households could see energy bills climb by 16%, possibly hitting £2,000 a year by January.
It's another reminder of how global events can hit close to home for everyone.