The key facts

  • The Dutch TTF reached €87.20/MWh versus about €32 before the war with Iran; EU storage is 72.4% full — the lowest since 2011 (IEEFA).
  • The most expensive electricity tariffs (September 2026): Brussels at 41.3 c€/kWh; the cheapest is Kyiv at 8.4. For gas, Stockholm leads (34.8 c€/kWh), the cheapest is Kyiv (1.5).
  • From February to September 2026, household gas in EU capitals rose by an average of 12%, electricity by 4.2% (HEPI).

Wholesale gas prices — a nearly four-year high

On Tuesday, October 13, 2026, gas futures on the Dutch benchmark TTF index reached €87.20 per megawatt-hour — compared with roughly €32 on the eve of the war with Iran. The Middle East conflict disrupted shipping through the Strait of Hormuz, through which about a fifth of the world's liquefied natural gas supplies normally pass. Petrol and diesel prices in the EU have already set records: according to the EU Weekly Oil Bulletin, from February 23 to October 5, 2026, diesel rose in price by an average of 35% and petrol by 23%. Gas and electricity tariffs for households are rising more moderately: from February 2 to September 1, 2026, gas prices including taxes in EU capitals rose by an average of 12%, and electricity prices by 4.2% (the HEPI index, compiled by Energie-Control Austria, MEKH and VaasaETT). Fixed contracts and state support can delay or soften the impact of wholesale prices on bills, and expensive gas also makes electricity more expensive due to gas-fired generation.

Electricity: from Kyiv to Brussels

As of early September 2026, household electricity tariffs including taxes ranged from 8.4 eurocents per kWh in Kyiv to 41.3 c€/kWh in Brussels, with an average level across EU capitals of 27.2 c€/kWh. The five most expensive also include Berlin (39.6), Dublin (38.7), Bern (38.6) and London (38.3); followed by Rome (36.6), Vienna (34.4) and Prague (34.3). The lowest tariffs after Kyiv are in Budapest (10.3), Podgorica (11.3), Belgrade (11.6) and Valletta (12.3). Madrid (28.3) and Paris (28.1) are cheaper than the capitals of Germany, the UK and Italy, but still above the EU average.

Adjusting for purchasing power changes the ranking

When adjusted for purchasing power standards (PPS), the most expensive city for electricity becomes Bucharest (55.1), and the cheapest is Oslo (11.5). Among the capitals of Europe's five largest economies, electricity is most expensive in Rome (38.2) and cheapest in Paris (25.8); Berlin (35.5), Madrid (31.6) and London (30.9) are above the EU average (29.6). Bucharest and Warsaw each climb 10 places in the ranking, while Bern drops 20 places and Copenhagen 13.

Gas: Stockholm is the clear leader in expensiveness

Household natural gas tariffs including taxes range from 1.5 c€/kWh in Kyiv to 34.8 c€/kWh in Stockholm, which is clearly ahead of the rest: second place is Amsterdam at 21.2 c€/kWh. The average across EU capitals is 11.9 c€/kWh. Among large economies, gas is most expensive in Paris (15.7 c€/kWh), with the lowest prices in Madrid (10.1) and London (10.3); Rome (15.2) and Berlin (12.5) are above average. In PPS terms, Stockholm remains the most expensive (28.5), while Budapest becomes the cheapest (3.6); the top five also include Lisbon (18.6), Amsterdam (18.1), Rome (15.9) and Sofia (15.6). Sofia shows the biggest shift in the ranking: 18th place in euros and fifth by PPS. Dublin and Brussels, by contrast, each drop 10 places, Bern nine, and London seven.

Price changes from February to September

In some capitals, households pay little for electricity but a lot for gas, or vice versa: in Stockholm and Amsterdam, electricity tariffs are low or average but gas is the most expensive, while in Bucharest, Brussels and London electricity is expensive with relatively cheap gas. From February to September 2026, electricity rose the most in Lisbon (22%), followed by Amsterdam (17.3%), Madrid (15.1%) and Rome (14.9%); the largest declines were in Luxembourg (−15.3%), Tallinn (−7.9%) and Helsinki (−7.1%). For gas, Tallinn showed a record increase: +59.2%, from 7.8 to 12.4 c€/kWh. Gas also rose by more than 20% in Brussels (37.9%), Athens (33.1%), Bern (30.2%), London (28.2%), Riga (23%), Vienna (22.8%), Paris (22.5%) and Berlin (22%).

What this means for winter bills

September data likely does not yet fully reflect the consequences of the latest spike in wholesale prices, since fixed contracts and state support can soften the rise in bills. Europe is heading into winter with a smaller gas reserve: according to the Institute for Energy Economics and Financial Analysis (IEEFA), EU storage was 72.4% full as of October 3 — the lowest level for this time of year since records began in 2011. The institute warned that low reserves could make Europe more vulnerable in the event of late winter cold. The final household bill will depend both on the tariff and on the volume of consumption as temperatures fall.