European gas prices hit their highest level in nearly four years on Tuesday, adding to concerns over winter energy costs as storage levels remain low.
Dutch TTF benchmark gas futures reached €87.20 per megawatt-hour, up from about €32 on the eve of the Iran war.
The conflict in the Middle East has disrupted shipping through the Strait of Hormuz, which normally carries about a fifth of the world’s liquefied natural gas.
While petrol and diesel prices have already hit records across the EU, household gas and electricity prices have risen more slowly. In the EU, average consumer diesel prices rose by 35% between 23 February, before tensions in the Middle East escalated, and 5 October 2026, while petrol prices increased by 23%, according to the EU Weekly Oil Bulletin.
Between 2 February and 1 September 2026, residential gas prices including taxes rose by 12% on average across EU capital cities, while electricity prices increased by 4.2%. The figures come from the Household Energy Price Index (HEPI), which is compiled by Energie-Control Austria, MEKH and VaasaETT.
Fixed contracts and government support can delay or soften the impact of higher wholesale prices on household bills, as Euronews Business has previously reported. Higher gas prices can also push up electricity costs by making gas-fired power generation more expensive.
So, which European capitals have the highest electricity and gas prices? When purchasing power is considered, where is energy cheapest and most expensive? Which cities have seen the biggest changes in electricity and gas prices since before the Iran war?
The comparison covers prices per unit of energy, rather than total bills, which also depend on how much households use.
As of early September 2026, residential electricity prices including taxes ranged from 8.4 euro cents per kilowatt-hour (c€/kWh) in Kyiv to 41.3 c€/kWh in Brussels, while the EU average across capital cities was 27.2 c€/kWh.
Berlin (39.6), Dublin (38.7), Bern (38.6) and London (38.3) completed the top five most expensive cities for electricity. Rome (36.6), Vienna (34.4) and Prague (34.3) followed.
At the cheaper end, Budapest (10.3), Podgorica (11.3), Belgrade (11.6) and Valletta (12.3) followed Kyiv.
While the capitals of Germany, the UK and Italy ranked among the most expensive, prices in Madrid (28.3) and Paris (28.1) were lower, although both remained above the EU average.
Big shifts in purchasing power rankings
When adjusted for purchasing power standards (PPS), which account for differences in the cost of living between countries, the electricity price rankings change substantially. Bucharest becomes the most expensive city at 55.1, while Oslo ranks as the cheapest at 11.5.
Among the capitals of Europe’s five largest economies, Rome (38.2) is the most expensive in PPS terms, while Paris (25.8) is the cheapest. Berlin (35.5), Madrid (31.6) and London (30.9) are all above the EU average of 29.6.
Compared with the rankings in euro terms, Bucharest and Warsaw record the largest upward shifts, each rising 10 places. Bern shows by far the largest downward shift, falling 20 places, followed by Copenhagen, which falls 13 places.
Gas prices are highest in Stockholm
Residential natural gas prices including taxes range from 1.5 c€/kWh in Kyiv to 34.8 c€/kWh in Stockholm. The Swedish capital is a clear outlier at the top, with Amsterdam a distant second at 21.2 c€/kWh.
The EU average across capital cities is 11.9 c€/kWh.
Among the capitals of Europe’s five largest economies, Paris is the most expensive for residential gas at 15.7 euro cents per kWh, while Madrid (10.1 cents) and London (10.3 cents) are the cheapest. Rome (15.2 cents) and Berlin (12.5 cents) are above the EU average.
The rankings change when prices are adjusted for differences in purchasing power.
In PPS terms, Stockholm is still the most expensive city for gas at 28.5, while Budapest is the cheapest at just 3.6.
Lisbon (18.6), Amsterdam (18.1), Rome (15.9) and Sofia (15.6) complete the top five.
Among the capitals of Europe’s five largest economies, London (8.3) is the cheapest after this adjustment, while Rome (15.9) is the most expensive. Paris (14.4) is also above the EU average, whereas Madrid (11.3) and Berlin (11.2) are below it.
Adjusting for purchasing power also makes gas look more expensive in some capitals relative to others, with Sofia showing the biggest shift in the rankings.
The Bulgarian capital ranks 18th in euro terms but rises to fifth in PPS terms. Riga moves up six places.
By contrast, Dublin and Brussels record the largest downward shifts, each falling 10 places. Bern falls nine places and London seven. These cities therefore rank as less expensive when differences in purchasing power are taken into account.
Cheap on one bill, costly on the other?
Households in some European capitals pay little for electricity and a lot for gas, or vice versa. For example, Stockholm and Amsterdam have low or mid-range electricity prices but the most expensive gas among the capitals compared. Bucharest, Brussels and London show the opposite pattern, with high electricity prices but relatively cheap gas.
How energy prices have changed since before the Iran war
Some cities saw significant changes in energy prices between February and September 2026. For electricity, Lisbon recorded the largest rise, at 22%, followed by Amsterdam (17.3%), Madrid (15.1%) and Rome (14.9%).
Luxembourg City saw the largest decline, at 15.3%, followed by Tallinn (7.9%) and Helsinki (7.1%).
For gas, Tallinn recorded by far the largest rise over this period, with prices increasing by 59.2%, from 7.8 c€/kWh to 12.4 c€/kWh.
Prices 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 could winter mean for household energy bills?
These September figures may not yet reflect the full impact of the latest surge in wholesale gas prices, as fixed contracts and government support can delay or soften increases in household bills.
Europe also faces winter with a smaller gas buffer. EU storage sites were 72.4% full on 3 October, their lowest level for that time of year since records began in 2011, according to the Institute for Energy Economics and Financial Analysis (IEEFA).
As Euronews reported, the institute warned that low reserves could leave Europe more exposed to a late-winter cold spell. For households, the final bill will depend both on their tariff and on how much energy they need as temperatures fall.