European gas prices higher, but not back to summer 2022 peak

In this note the authors aim to revaluate the situation for the upcoming winter. They revisit the factors that lead to the crisis, along with changes that took place meanwhile, in order to infer the outlook for energy prices for the upcoming winter. All in all the risk of another price spike next winter is rather limited, even if this winter turns out colder than the previous one. Changes in various areas are making Europe less vulnerable. However, we do take into account that gas prices will be at structurally higher levels in the coming years compared to the period […]