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ACM’s Monitor on the consumer energy market: natural-gas price fluctuates significantly, filling rate of natural-gas storages continues to go down

Summary

  • The natural-gas price has fluctuated significantly, and the filling rate of the Dutch natural-gas storages has dropped considerably since early 2026. These are some of the conclusions of ACM’s Monitor on the consumer energy market.
  • The supply of liquefied natural gas (LNG) to the Netherlands in January did remain stable. The natural-gas price in Northwestern Europe is higher than the natural-gas price in East Asia, as a result of which LNG ships have an incentive to sail to Europe.
  • ACM will continue to keep a close watch on the filling rate and the supply of LNG.

The natural-gas price on the wholesale market went up substantially in January. The natural-gas price of 43 euros per MWh in late January was the highest in six months. The price subsequently fluctuated significantly in February. The filling rate of the Dutch natural-gas storages has gone down considerably since the beginning of 2026. These are some of the conclusions of the Monitor on the consumer energy market of the Netherlands Authority for Consumers and Markets (ACM).

The natural-gas price on the wholesale market in January went up from 29 euros per MWh at the beginning of the month to 40 euros per MWh at the end of it, with a peak of 43 euros per MWh. The price increase was caused by a combination of factors: geopolitical tensions, forecasts of cold weather in Europe, and winter storm Fern in the United States, as a result of which less liquefied natural gas (LNG) could temporarily be exported. In the course of February, the natural-gas price subsequently fluctuated significantly. In early February, the natural-gas price dropped below 30 euros per MWh, but, later in the month, the price started to go up again to 32 euros per MWh.

Effects on energy bills

The price increase on the wholesale market in January did not immediately have an effect on all prices for households. In January, the rates for fixed and variable contracts remained more or less constant compared with the previous month. Only with regard to fixed natural-gas contracts, a slight increase of approximately 2.5 percent was observed in January. For households with dynamic contracts, however, fluctuations on the wholesale market are immediately reflected in their energy bills.

The filling rate of natural-gas storages has gone down

The filling rate of the Dutch natural-gas storages has dropped considerably since the beginning of 2026, from 48 percent at the start of the year to twelve percent on February 22. At the European level, the average filling rate dropped from 62 percent to 31 percent. January was colder than usual, as a result of which demand for natural gas was higher compared with the past three years. The supply of LNG to the Netherlands did remain stable in January.The natural-gas price in Northwestern Europe is higher than the natural-gas price in East Asia, as a result of which LNG ships have an incentive to sail to Europe. The price difference between natural gas in the summer and winter periods (the so-called spread) is only slightly positive at the moment, which means that market participants currently have few financial incentives to fill natural-gas storages for the next winter period. ACM will continue to keep a close watch on the filling rate and the supply of LNG.

Electricity market

Just like the natural-gas prices have fluctuated significantly, so have the electricity prices. In January, the price of electricity was at a high level as the average day-ahead price was 108 euros per MWh, making it the highest average price since February 2025. Electricity prices follow the increasing natural-gas prices. When the natural-gas price fluctuated in early February, the price for electricity followed the same pattern. The good news is that the generation of electricity from solar and wind power in the EU now exceeds that from fossil sources. The Netherlands had already reached this milestone earlier, and now it has been achieved across the European Union.

Significantly higher fees

ACM keeps a close watch on the prices of energy suppliers. ACM looks at, among other aspects, the differences between suppliers and the reasons behind those price differences. ACM’s Monitor on the consumer energy market reveals that the prices of certain contracts for households this month are significantly higher than comparable contracts from other suppliers.

Supplier Contract type
Ventum Variable electricity
Groenpand Variable electricity
Powerpeers Variable electricity
Kikker energie Dynamic electricity

ACM’s Monitor on the consumer energy market also reveals that several suppliers charge significantly higher prices for their model contracts. This is the case with Tibber, Zonneplan, EP Commodities, EnergyZero, and Noord Energie. A model contract is a standard contract that every energy supplier is statutorily required to offer. That is also the case with suppliers that wish to offer dynamic contracts only. The fact that prices of these model contracts are significantly higher says nothing about the prices of other contracts offered by these suppliers.

See also

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