Gas price dropped sharply: those who renew energy contracts are sometimes hundreds of euros cheaper

Households and businesses are seeing energy bills fall rapidly. An average family is hundreds of euros cheaper than in recent years. A good time to renew the energy contract, experts say. "We notice it in the crowds. Winter is approaching and energy prices are low, people have noticed that," says Geert Wirken of energy comparator Keuze.nl. Energy expert Hans van Cleef at research firm EqoLibrium also calls it a "good time" for people to renew their energy contracts.

Cold winter

However, the market for gas remains tight and prone to disruptions, says Van Cleef. "Gas is no longer a regional market because of LNG, but a global market. That tanker carrying liquid gas can sail anywhere. That also brings risks. Because if there is a cold winter in Asia, or a production disruption somewhere, that can affect our gas price.''

In part, the falling energy bill is due to U.S. President Donald Trump. U.S. exports of liquefied natural gas LNG to China collapsed when he started his trade war. As a result, lots of LNG came to Europe and prices fell. That low gas price also worked its way into electricity rates. On days when the sun is not shining and the wind is not blowing, gas power plants are badly needed to maintain electricity supplies.