European gas market recovering after the Russian supply shock but new challenges ahead

ACER’s monitoring report finds that the European gas market is recovering after the Russian gas supply shock, but new challenges are emerging. 2023, European gas wholesale prices remained volatile but decreased as sound gas market fundamentals counterbalanced perceived geopolitical risks. In 2024, the likely non-renewal of the Ukraine gas transit agreement might disrupt regional gas balances. But a resilient & supply-diversified EU gas market will soften the blow.