Gas above 100 euros: wholesale price at its highest since 2022 — Germany's Federal Network Agency expects dearer new-customer tariffs

What happened on the gas market on 28 October

The front-month contract at the European gas hub TTF in Amsterdam rose to 100.30 euros per megawatt hour on Wednesday, 28 October 2026, up just over 4 per cent on the previous day. That is the highest level since 2022; according to dpa, the price has more than tripled since the start of the year. The drivers are the Iran war, with supply disruption in the Gulf, and tight storage: Germany’s facilities are just over 61 per cent full, against around 75 per cent a year ago. The forward curve is high too, with the first quarter of 2027 above 97 euros and the whole of 2027 above 79 euros. On 27 October the Federal Network Agency had already reported that modelled new-customer gas tariffs stood at 11.33 cents per kilowatt hour in September, around 12 per cent above the first-half average. The agency expects a further rise for October. What a kilowatt hour of heat costs by heating system is explained in the guide to heating costs per kWh.

Which owners, landlords and businesses the gas price hits now

The immediate impact falls on everyone who needs a new gas contract right now: households after a termination or a move, landlords whose contracts for central heating are expiring, and businesses with short-term or indexed procurement. Those with an existing fixed-price contract are protected for the time being. According to the Federal Network Agency, wholesale prices have risen by around 60 per cent since April 2026 and reach end customers only with a delay. For tenants, the bill arrives with the 2027 heating cost statement.

Why the exchange price shows up on the bill only later

The 100-euro mark is a warning signal with a time lag. Suppliers buy over months and years, so tariffs for existing customers rise slowly. New-customer tariffs, by contrast, follow the market almost immediately. “Today’s exchange price is the heating bill of the day after tomorrow. Anyone signing or renewing a gas contract now is deciding their costs well into 2027.” — Pedram Dadgar, Strategic adviser to Green Contracting GmbH.

For owners and landlords, the real message is the forward curve, not the daily peak. With prices around 80 euros for the whole of 2027, the market is not pricing in quick relief, and the higher CO₂ price is added on 1 January. At the same time the market is nervous: easing in the Gulf could push prices down just as quickly. A contract that locks in the peak for two years can therefore backfire just as badly as fully open pricing.

What to do now

1. Check the term and price guarantee of your own gas contract and put the end of the commitment in the calendar. A price increase must be announced in advance and usually triggers a special right of termination.
2. Before signing a new contract, compare several offers with short and long terms and calculate the annual cost, not just the energy rate.
3. Landlords should adjust their tenants’ advance payments in good time so that the 2027 balancing payment does not arrive all at once.