Energy prices on both sides of the Atlantic have started the new year sharply lower as warm winter weather and concerns about the global economy weigh on the market.
The falls sharply contrast with early last year when Russia’s invasion of Ukraine in February triggered concerns about energy supplies, sending prices surging. European natural gas had been a particularly big focus after Russia cut off nearly all of its shipments to the region through pipelines.
Prices of Dutch TTF, the benchmark European gas contract, fell more than 10 per cent on Wednesday to €64.20 per megawatt hour, the lowest level since November 2021. It reached a high of over €340/MWh last August.
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