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Merely retaking Donetsk and Luhansk earlier this week saw gas prices spiral from €72 to €88 per megawatt hour - by Thursday they were hitting €125. So now what next? (Photo: Kremlin.ru)

Analysis

What the Russia conflict might mean for gas prices

Within hours of the Russian invasion of Ukraine before dawn on Thursday (24 February), gas prices soared.

Benchmark Dutch futures shot up 41 percent to €125 per megawatt-hour following the news that Russian forces attacked targets throughout Ukraine.

Shortly afterwards, the EU announced plans for the toughest sanctions on Russia it has ever imposed.

On Thursday night, EU leaders will decide whether those those will include sanctions that drive up European energy prices eve...

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Author Bio

Wester is a journalist from the Netherlands with a focus on the green economy. He joined EUobserver in September 2021. Previously he was editor-in-chief of Vice, Motherboard, a science-based website, and climate economy journalist for The Correspondent.

Merely retaking Donetsk and Luhansk earlier this week saw gas prices spiral from €72 to €88 per megawatt hour - by Thursday they were hitting €125. So now what next? (Photo: Kremlin.ru)

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Author Bio

Wester is a journalist from the Netherlands with a focus on the green economy. He joined EUobserver in September 2021. Previously he was editor-in-chief of Vice, Motherboard, a science-based website, and climate economy journalist for The Correspondent.

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