The average natural gas price in September stands at 32.87 EUR/MWh, representing a 3% decrease compared to August. Year-on-year, prices have fallen by 14% compared to September 2024.

Europe Successfully Preparing for the Winter Season

Setting the September contract price, TTF natural gas prices declined in August, driven mainly by steady storage injections across Europe.

• Storage levels currently stand at 76%, with rising LNG imports from the United States supporting the trend.
• By October, European gas storage is expected to reach around 90% capacity, providing a strong buffer for the upcoming winter season.

Inčukalns Storage Facility Nears Completion of Major Modernization

The seven-year modernization program at Latvia’s Inčukalns Underground Gas Storage, implemented by transmission and storage operator Conexus Baltic Grid, will be finalized by the end of 2025.

Key facts:

• EUR 10.6 million invested in 2025, bringing total project costs to EUR 99.5 million;
• EUR 44 million co-financed by the EU Connecting Europe Facility (CEF);

• Major upgrades include:

  ⚬  Complete reconstruction of Gas Collection Point No. 3;

  ⚬  Full refurbishment of 36 wells;

  ⚬  Modernization of existing pumping units;

  ⚬  Installation of a new Solar Turbines Titan 130 compressor at Station No. 1 (USA-made), boosting efficiency, safety, and regional system capacity.

Forecast for the Coming Months

Despite the approaching heating season, no significant changes are expected in September. For October, TTF forward prices remain close to 32 EUR/MWh, similar to current levels.

Looking further ahead, ICIS analysts forecast that from 2026 to 2027, a global LNG supply surplus could drive natural gas prices lower in Europe. Over the past three years, the average TTF benchmark price has hovered around 40 EUR/MWh.