Natural gas prices on European exchange continue to rise; energy minister says international energy crises directly affect Moldova

Natural gas prices on the European exchange continue to rise under the influence of the regional situation, and this has a direct impact on Moldova, which is entirely dependent on imports. Energy Minister Dorin Junghietu today made statements to this effect.

According to the official, the reference price on the European exchange has exceeded 83 euros per megawatt-hour, which is approximately 1,000 dollars per thousand cubic meters.

The increase in prices is prompted by more factors, including the prolonged closure of the Strait of Hormuz, competition for liquefied natural gas between the European and Asian markets and the still-low level of underground storage facilities in Europe.

“The prolonged blockage of the Strait of Hormuz means that LNG vessels from Qatar cannot reach the European market. At the same time, competition for liquefied natural gas between the European and Asian markets is keeping prices high, along with the still-low level of underground storage facilities in Europe. This morning, the average filling level of storage facilities across Europe was 68.3 per cent. At the same time, Norway, one of the largest gas suppliers to Europe, is carrying out maintenance work at some production facilities ahead of the winter season,” Dorin Junghietu said after a today’s cabinet meeting.

The minister emphasized that all these factors are contributing to keeping natural gas prices high.

“Accordingly, the continuation of this market volatility makes the need for a tariff adjustment increasingly obvious. There is a methodology. The National Energy Regulatory Agency (ANRE) and the supplier will provide the data at the appropriate time,” the official said.

According to him, Moldova imports natural gas and all international energy crises directly affect the country.

Under these conditions, in early next October, Energocom will present the calculations regarding the cost of gas purchased in September. Based on these calculations, it will be estimated whether tariff deviations have accumulated.

“For the August–October period, ANRE approved approximately 54 euros per megawatt-hour in the current tariff. At the beginning of September, Energocom made public the average purchase price of gas for August, and at the beginning of October it will also present the average purchase price for September. It will then become clearer what the potential tariff adjustment might be. In October, once we have the price, it will also be possible to see what tariff deviations accumulated during the August–September period. It will then be obvious. Therefore, at the moment, we cannot say how large this adjustment will be. Yes, it is highly likely, given global and European gas prices, but it will be certain once the average purchase price for September is known. If prices remain at their current levels of more than 80 euros per megawatt-hour, negative tariff deviations will, of course, accumulate,” the energy minister emphasized.

Energocom has earlier said that it had contracted approximately 75 per cent of the total natural gas volume needed to cover consumption during the 2026–2027 gas year (October 1, 2026–September 30, 2027).