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The attack on Iran has caused major uncertainty on global energy markets. With the Strait of Hormuz blocked, the most important transport route for oil and liquefied natural gas is disrupted. Wholesale markets are already seeing noticeable price increases. On the Amsterdam exchange, the price for the key TTF natural gas futures contract for delivery in one month rose to €59.44 per megawatt-hour (MWh) — about 30% higher than the previous day.
Gas Prices on Exchanges Up by 80%
Since the beginning of the week, European natural gas prices have climbed by more than 80%, reaching their highest level since February 2023. The last time prices rose this sharply was at the start of Russia’s invasion of Ukraine four years ago. How long the current conflict will last remains unclear. If it continues, energy suppliers are expected to raise prices for new customers.
Cheapest Offers Still Available
The comparison platform Tarife.at advises private households to review their current gas and electricity contract terms. If a contract has no binding period, now may be a good moment to lock in still‑low prices.
“According to our analysis from March 3, the cheapest electricity and gas offers are still unchanged. Energy providers typically react to major market movements with a delay,” says Michael Kreil, CEO of Tarife.at.
Seasonal Gas Price Drop Unlikely This Year
Energy prices remained relatively low throughout the winter. Normally, gas prices ease slightly at the end of the heating season in March. Given the current military conflict, such a seasonal decline appears far less likely this year.
“Those who act quickly can secure today’s price level for an entire year. That provides planning security and protection against rising prices,” Kreil explains.
Price Benchmarks for Comparison
To help households assess their current tariffs, Tarife.at provides the following examples:
- A Vienna household with an annual electricity consumption of 3,500 kWh can currently find the cheapest offers at around €312 for the first year (net energy price including new‑customer bonus).
- For a household with 15,000 kWh of annual gas consumption, the lowest available offers start at around €478 for the first year (net energy price including new‑customer bonus).
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