ACER’s new retail energy markets dashboard offers an interactive, country-by-country view of electricity and gas markets across the EU and Norway. It replaces ACER’s country sheets, bringing together comparable data to explore how retail markets are evolving and how consumers’ behaviour changes alongside the energy transition.

What trends did ACER monitoring find?

With over 270 million electricity and more than 90 million gas customers across the EU and Norway, retail energy markets play an important role in supporting Europe’s energy transition. At the same time, the latest data shows ongoing challenges and significant untapped potential for more active consumer participation.

• Energy bills remain above pre-crisis levels. Retail prices rose sharply after the 2021-2022 energy crisis and remained elevated, with gas prices still nearly 70% higher than before the crisis. On average, EU households spent around €840 on electricity and €1,170 on gas in 2025.
• Household electricity and gas consumption is rising modestly, highlighting the importance of enabling consumers to actively manage their energy use.
• Fixed contracts remain the most common contract type. Around 52% of household electricity customers are on single fixed-price, fixed-term contracts, while only 7% are on dynamic-price contracts, pointing to significant unexploited capacity for demand-side flexibility.
• Smart meter rollout progresses unevenly. 66% of household customers monitored across the EU and Norway have a smart meter. While deployment exceeds 80% in most EU Member States, it remains below 20% in several countries, limiting consumers’ ability to adjust their consumption in real time.

What are the next steps?

The retail energy markets dashboard will be updated annually as new data becomes available, allowing to monitor progress across all indicators.

ACER publishes today its Opinion on the draft TYNDP 2026 Scenarios Report prepared by the European Network of Transmission System Operators for Electricity and Gas (ENTSO-E and ENTSOG) under the TEN-E Regulation. 

These scenarios, produced every two years, provide the common foundation for EU-wide electricity, gas and hydrogen infrastructure planning, and feed into the Ten-Year Network Development Plans (TYNDPs).

ACER’s Opinion assesses whether the ENTSOs’ scenarios comply with ACER’s Framework Guidelines and provide a transparent and consistent basis for infrastructure planning.

What are the key findings?

ACER welcomes the significant work by ENTSO-E and ENTSOG to improve the scenarios’ accuracy, including:

• the continued delivery of joint scenarios combining electricity, gas and hydrogen; 
• the introduction of economic variants (high- and low-growth cases applied to the central scenario to assess the robustness of the underlying economic assumptions);
• the involvement of the Stakeholder Reference Group, which gives stakeholders structured scrutiny over the scenarios’ assumptions, methods and data; and
• the development of an Innovation Roadmap, which sets out planned improvements to the scenario-modelling tools and methods, and is updated every two years.

ACER also identifies two main areas for improvement:

• Alignment with EU climate and energy targets. The current methodology enables formal compliance with EU targets, but ACER considers that it does not adequately capture the structural changes needed to achieve those targets in practice.
• Stronger economic variants. These should function as meaningful alternative scenarios, with greater transparency and consultation on key scenario assumptions and infrastructure planning inputs, improved consistency with the European Resource Adequacy Assessment (ERAA) and a more timely scenario development process.

What are the next steps?

For the finalisation of the TYNDP 2026 Scenarios Report, ACER calls on ENTSOs to improve transparency on the remaining gap to EU climate and energy targets and the limitations of the current methodology.

For future cycles, ACER expects further improvements in EU targets alignment, economic variants, consistency with ERAA, stakeholder consultation and the overall timeliness of the process.

The European Commission will take ACER’s Opinion into account when assessing the draft TYNDP 2026 Scenarios Report.

In its Summer Supply Outlook 2026, the European Network of Transmission System Operators for Gas (ENTSOG) evaluates the evolution of gas supply and assesses whether the EU’s gas system can meet demand, support exports and storage injections over the summer under normal market conditions.

The Outlook also includes an analysis of supplies and storage inventories to assess security of supply for winter 2026/27 and evaluates the system’s resilience under different stress scenarios, including supply disruptions.

ACER acknowledges the storage-filling challenges identified by ENTSOG. As this year’s reference scenario does not introduce major methodological changes compared with previous editions (extensively reviewed by ACER), ACER is not issuing a formal opinion on the 2026 edition.

What are the main highlights of the 2026 Summer Supply Outlook?

ENTSOG's assessment identifies several developments that will shape the EU’s gas system over the summer season:

• Low storage levels: At the start of the gas summer season (1 April 2026), average EU gas storage stood at 28% capacity, below the levels recorded at the start of the previous three summer seasons.
• High LNG demand: Refilling storage to the 90% target before winter (by 1 November) will require greater use of the EU’s gas infrastructure and higher liquefied natural gas (LNG) imports than in previous years. At the same time, ENTSOG notes that EU Gas Storage Regulation provides some flexibility, allowing a lower filling target.
• Supply disruption risks: The ongoing conflict in the Middle East is pushing up gas prices and narrowing the usual summer-to-winter price gap. This weakens the economic incentive for gas storage injections, which could further slow refilling.
• A resilient system: The EU’s LNG regasification capacity is expected to help compensate for lower storage levels and support winter demand, provided adequate LNG supplies are secured.

What are ACER’s main considerations?

ACER highlights the challenges ahead, as identified in ENTSOG’s assessment:

• The EU will need higher LNG imports. ACER’s latest analysis of European gas wholesale markets (winter 2025/2026) confirms that the EU’s LNG imports will need to rise by around 13% over 2025 levels to meet summer demand and reach the 90% filling target before winter, while the 80% target remains achievable with 2025 LNG import levels. This reflects LNG’s growing role in the EU’s energy mix: it covers around half of total gas imports, making the EU the world’s largest LNG importer (see also ACER’s analysis of European LNG market developments in 2025).
• Market conditions are weakening storage-filling incentives. Storage refilling could become more challenging in the months ahead. Unfavourable winter–summer price spreads, the phase-out of short-term Russian LNG and pipeline gas contracts under the REPowerEU Gas Regulation (from 25 April and 17 June 2026, respectively) and continued volatility due to the Middle East conflict constrain the supply available for storage, increasing the pressure to accelerate injections before November.
• Current data point to tight storage conditions:
  • Storage injections are below both the 10-year summer average and 2025 levels, putting the refilling timeline at risk (see Figure 1). 

  • EU gas storage is currently at around 49% capacity, similar to 2021 levels (see Figure 2).

Given these risks, ACER encourages Member States and their competent authorities to closely monitor storage-filling trajectories in the months ahead and foster continued progress, actively managing risks in compliance with the Gas Storage Regulation.

Looking ahead

ACER welcomes ENTSOG’s ongoing monitoring of storage injection trajectories and LNG import availability, as geopolitical instability continues to affect global energy markets.

For future Outlooks, ACER underlines the importance of continuing to assess how planned and unplanned gas supply disruptions may affect the EU’s ability to meet its storage-filling targets.

Finally, ACER highlights the need for timely storage injections in the coming months.

See all ACER’s reactions to ENTSOG’s Supply Outlooks.

The REPower Gas Regulation establishes an EU-wide ban on imports of pipeline gas and liquified natural gas (LNG) originating in Russia. It sets a timeline to phase out imports from Russia starting from March 2026 culminating in a full ban in November 2027. The Regulation mandates ACER to publish two monitoring reports (due on 1 July 2026 and 1 July 2027) which must provide:

• an overview of contracts for the supply of natural gas originating in, or exported directly or indirectly from, the Russian Federation to the European Union;
• data on natural gas originating in, or exported directly or indirectly from, the Russian Federation that transits through the EU;
• an assessment of the impact of supply diversification on EU energy markets.

What did ACER’s assessment find? 

• Long-term contracts for Russian gas remain in place in parts of the EU: Russian LNG contracts persist, with LNG cargoes landing in Spain, France, Belgium and the Netherlands. Currently, the total authorised contracts of Russian LNG held in Europe range from 20 to 32 bcm per year. Authorised pipeline gas contracts continue in Hungary, Slovakia and Greece. In total, EU pipeline gas annual contracts range from 16 to 26 bcm.
• Imported Russian gas is not necessarily consumed where it enters the EU: as gas may be traded and transported across borders, final consumption is difficult to trace.
• Russian gas still accounts for around 12% of EU gas demand. 
• Imports of Russian gas to the EU increased in early 2026, particularly: 
  • Between January and May 2026, pipeline imports rose 7% year-on-year while LNG imports increased by 11%.
  • Looking specifically at the time since the Regulation came into effect (18 March 2026), LNG imports increased by +17% from 18 March to 31 May 2026 (compared to the same period in 2025), despite a ban on short-term LNG imports since April 2026. Russian pipeline imports have increased by 5% year-on-year (18 March to end May). 
  • The increase in Russian LNG imports is driven by a combination of factors including frontloaded deliveries ahead of the tighter restrictions, contract adjustments, and some previously transhipped volumes which may have remained in the EU with the ban on transhipments. The current geopolitical context is also deemed relevant, pointing to efforts to maximise supply from alternative sources following the closure of the Strait of Hormuz. 
  • Limited early effects of the ban are visible, including lower pipeline flows via Türkiye Strandzha 1 (-65%, year-on-year from 18 March to end May 2026) after the ban kicked in on 18 March 2026. Stronger impacts are expected once the full LNG and pipeline bans take effect in 2027.

What’s next?

ACER will further assess the impact of the Russian gas phase-out in its 2027 report. It is currently too early to draw firm conclusions, as most phase-out measures have yet to be implemented in line with the regulatory calendar.  

As the EU moves towards a decarbonised energy system, the role of gas is evolving. Reducing fossil gas dependence can support the EU’s 2050 climate neutrality target, while also raising important questions around security of supply, affordability and competitiveness.

ACER’s 2026 Monitoring Report on decarbonising the EU's gas market, published today, examines four key dilemmas:

1. Can renewable gases reduce gas import dependency while keeping energy prices affordable?
2. Will natural gas continue to shape electricity prices during the energy transition?
3. Can the EU decarbonise its gas sector without undermining industrial competitiveness?
4. How can methane emissions be tackled, given the potential for low-cost abatement but rising implementation risks?​

What did ACER monitoring find? 

ACER’s monitoring shows that gas decarbonisation can follow two main strategies: Displacing natural gas, by reducing demand or switching to renewables, and reducing its greenhouse gas footprint, for example through carbon capture, storage and measures to address methane leaks.

• Gas demand reductions are not guaranteed. EU gas demand reached 340 bcm in 2025, up 2% from 2024, which could slow progress towards the EU’s decarbonisation goals. Gas continues to provide system flexibility and remains important for industrial competitiveness.
• Gas still affects electricity prices and industry. Gas-fired power plants were economically competitive in 40% of hours in 2025, while low-carbon electricity systems paid on average 40% less than more carbon-intensive peers.
• Biomethane is promising but still limited. Biomethane is the most mature renewable gas option, but with 4.3 bcm of output in 2024, it represents only 2% of gas network injections.
• Methane emissions remain a supply-chain challenge. 85% of methane emissions linked to EU gas and oil consumption occur outside the EU, making implementation of the EU Methane Regulation key but challenging.

Together, these findings show that no single solution can decarbonise the gas sector. A balanced portfolio of technologies and policy measures will be needed, including electrification, biomethane, hydrogen, carbon capture and storage, methane emissions reduction and clean flexibility solutions.

Webinar

ACER will hold a webinar to present the main findings of this report. 

When? 24 September 2026 at 10:00 CET. 

Register for free.

The Gas Market Task Force (GMTF) - bringing together the expertise of the European Commission  and the two EU Agencies responsible for regulating and overseeing gas and gas derivatives markets (ACER and ESMA) - concluded its work to scrutinise the functioning of the EU’s gas market and gas derivatives markets under the mandate of the European Commission’s 2025 Clean Industrial Deal Communication and the Action Plan for Affordable Energy. 

As highlighted by the Commission in their Action Plan, “the importance of gas markets for our economy makes it essential to ensure an optimal functioning of those markets. Full regulatory oversight and close cooperation between energy and financial regulators is required to prevent market manipulation and to close any possible loopholes related to any lack of transparency, asymmetry of information and risk of market concentration”. 

The (2024) Draghi report on the future of European competitiveness stressed that high energy prices, and in particular gas prices, are one of the main aspects affecting the growth potential, and thus the competitiveness of European industries.  Accordingly, it called for urgent action to ensure the proper functioning of energy spot and derivatives markets.

Against this background, the GMTF reviewed key market fundamentals and developments in European gas and gas derivatives markets, as well as the applicable legislative framework. It also analysed the stakeholder feedback received in the context of the European Commission’s public consultation on commodity derivatives and spot energy markets. 

What are the Gas Market Task Force’s finding?

The GMTF report includes suggestions for further work in several areas, aimed at ensuring that European gas and gas derivatives markets continue delivering for European businesses and consumers including: 

• monitoring trends in algorithmic trading;
• the development of new market monitoring tools;
• the effective and timely implementation of the REMIT framework by EU Member States to prevent market abuse and ensure transparency in wholesale electricity and gas markets;
• the amendment of certain rules governing commodity derivatives trading (position management controls, position reporting); and 
• data sharing and cooperation between energy and financial supervisory authorities.

ACER publishes today its biennial gas congestion report, covering 2024 and 2025. The report assesses contractual congestion in EU gas markets, in line with the recast Gas Regulation.

ACER finds that contractual congestion eased in 2024 and 2025, pointing to a new equilibrium in the EU gas market following the 2022 market crisis.

What does congestion mean in gas markets? 

Gas network congestion can be either contractual or physical. Physical congestion occurs when gas flows reach the system’s technical limits. Contractual congestion occurs when demand for capacity rights exceeds the capacity offered in the market, even if the system may not be physically constrained.

In practice, contractual congestion means that network users may not be able to secure all the capacity they need to transport gas, forcing them to compete for it.

What are they key findings? 

The 2022–2023 crisis, followed by the EU’s gradual phase-out of Russian gas, rapidly reshaped the EU gas market. Liquefied natural gas (LNG) imports surged while demand fell sharply, leading to a reconfiguration of cross-border gas flows, with stronger west-to-east and coastal-to-continental flows. 

The optimisation of existing infrastructure and new investments helped absorb the shock. However, parts of the network still face residual congestion, reflecting the market’s continued adjustment to new supply and demand patterns. 

In particular, ACER finds that:

• 24 exit/entry sides of interconnection points were contractually congested in 2025 and 23 in 2024 (down from 35 in 2023 and 50 in 2022). 

• Network congestion persisted on key west-to-east routes and selected interconnection points in Southeast Europe.

• Congestion revenues stabilised at EUR 140 million (similar to 2023 levels).

• The capacity surrender scheme surpassed the oversubscription mechanism as the most used congestion management procedure. Surrender schemes allow users to return unused capacity for reallocation, while oversubscription allows additional capacity to be offered above technical limits based on potential unused capacity.

Possible ways forward to ease congestion

• Continuous coordination between neighbouring transmission system operators (TSOs) to jointly maximise available firm and interruptible capacities. 

• Regular updates by TSOs and ENTSOG on interconnection points characteristics and network usage. 

• Fully applying the Capacity Allocation Mechanism Network Code and congestion management procedure guidelines to retain the benefits and flexibility of capacity allocation at interconnection points.

• Careful assessment of investment needs where physical bottlenecks persist, taking into account the risk of asset stranding and considering the use of congestion revenues to help finance these investments.

What are the next steps?

ACER’s results can support national regulatory authorities when deciding whether to apply congestion management procedures.

ACER has published its 2026 Monitoring Report on European liquefied natural gas (LNG) market developments, reviewing key market trends in 2025 and the implications for Europe’s energy security, including the risks linked to tensions in the Middle East.

Worth highlighting, given there is much talk of EU data gaps, that ACER has the overview of EU LNG market. This annual ACER report shows that LNG has become central to the EU gas system as Europe continues to move away from Russian gas. At the same time, it highlights growing exposure to global LNG market risks, including supply concentration, spot market volatility and geopolitical disruptions.

Main highlights

• The EU imported a record 146 bcm of LNG in 2025, confirming LNG’s key role in Europe’s gas supply. The EU is the world's largest importer of LNG.
• Global LNG production increased by 36 bcm, the strongest annual growth since 2022.
• The United States supplied 58% of EU LNG imports in 2025, equivalent to around a quarter of total EU gas demand.
• ACER’s daily LNG price assessments (based exclusively on actual spot transactions) provide much needed transparency on the EU LNG spot price discovery. More than 980 spot LNG cargoes for delivery in the EU in 2025 were reported to ACER in 2025, up from 550 transactions in 2024.
• TTF, the Dutch gas trading hub, remained the main benchmark, used to price 74% of EU spot LNG trades.
• In a full-year Strait of Hormuz closure scenario in 2026, the global LNG market could face a net supply shortfall of 27 bcm compared with 2025, intensifying competition for spot cargoes.

ACER’s recommendations

Recent tensions in the Middle East show how quickly geopolitical crises can disrupt energy flows and drive up prices. In response, ACER underlines the continued strategic importance of REPowerEU and its three pillars for Europe’s energy security:

• Energy savings and efficiency, to reduce gas demand and lower vulnerability to external shocks.
• Diversification of supply sources, to avoid overreliance on individual suppliers or transit routes.
• Faster roll-out of renewable energy, to strengthen resilience by reducing dependence on imported fossil fuels.

For punchy overview of related issues like the impact of Hormuz on EU gas storage filling for winter 2026, see also the recent ACER key developments in European gas markets report (April 2026). 

ACER publishes its Opinions on requests from seven national regulatory authorities for derogations from applying EU gas network codes and guidelines at interconnection points with third countries. 

These requests have been submitted by the energy regulators of Bulgaria, Estonia, Hungary, Italy, Lithuania, Slovakia and Spain, and are addressed to the European Commission and ACER (in line with the Gas Regulation). 

The Regulation widens the scope of the existing EU gas network codes and guidelines, expanding their application to third countries’ entry and exit points, starting from 5 August 2026. 

If, for specific reasons (e.g. existing long-term contractual arrangements or legal difficulties in establishing a dispute resolution procedure with transmission network operators or natural gas suppliers established in third countries), the EU rules cannot be effectively implemented, national regulatory authorities can request a time-limited derogation.

What is the role of ACER?

ACER’s role is not to issue a recommendation nor to reject or grant a derogation – this is the task of the European Commission.

After receiving the derogation requests, ACER had three months to provide its opinion to the European Commission. To inform its decision-making process, ACER conducted an extensive review of each request, held bilateral discussions with the relevant national regulatory authorities and applied a harmonised approach while considering the specifics of every Opinion.

For the details of each country, see the full text of the individual ACER Opinion. In brief, ACER considers that in Hungary and Bulgaria the relevant network codes have been implemented to the maximum extent possible to date, until certain EU rules are not implemented simultaneously by the neighbouring transmission system operators.

For Estonia, Italy, Lithuania, Slovakia and Spain, ACER has carefully examined the requests and their specific conditions, providing detailed inputs to the European Commission to support the Commission’s decision.

What are the next steps?

The European Commission will decide whether to grant the derogations, taking into consideration the input provided by ACER.

ACER's latest gas Monitoring Report covers trends in winter 2025-2026. A key is the impact of the evolving Middle East conflict and the closure of the Strait of Hormuz on European gas markets.

This analysis helps inform decision makers on strategies to ensure secure and competitively priced gas in the EU.

What did ACER’s monitoring find?

The EU is vulnerable to energy shocks. To date the 2026 energy crisis is not at the same level of magnitude as the 2022-2023 crisis.

• The Middle East conflict crisis could cut 20% of global LNG exports: EU sourced 7% of its LNG from Qatar during winter 2025/2026, equivalent to 4% of its natural gas imports over the same period. If Qatari production remains offline until December 2026, a global LNG supply shortfall of 26 bcm could arise and EU spot LNG demand could rise to around 56 bcm. Europe’s exposure to further price increases will depend on the duration of the conflict.
• Title Transfer Facility (TTF) gas prices peaked above 60 EUR/MWh after attacks on energy facilities: Price volatility is expected to remain high amid continued uncertainty.
• Competition with Asia for flexible LNG cargoes could push prices up: This could make Europe's summer storage filling more challenging, as heightened competition for flexible LNG cargoes threatens to push prices up further.
• EU underground gas storage ended winter below 30%, due to both higher reliance on gas use for power and a cold winter. EU gas stocks are near a 9-year low.
• Storage targets for the next winter, in accordance with the EU Gas Storage Regulation, may put upward pressure on prices this summer.
• Europe could achieve 80% storage levels at current LNG import rates (~11 bcm/month). Reaching the 90% target would be difficult without additional supply sources. 
• EU gas demand rose slightly year-on-year to around 2400 TWh: This increase was mainly driven by higher gas use in power generation and for heating, due to a colder-than-average winter. 
• Europe’s reliance on US LNG grew amid the phase-out of Russian gas imports. US LNG now accounts for 30% of EU gas imports and about two-thirds of its LNG imports. Russian gas flows continued to decline, falling close to 240 TWh (but still around 14% of total EU gas imports).
• In Europe, gas flows continued to shift away from eastern pipeline supply and to LNG entry points, resulting in higher west–east cross border flows. This shift was also reflected in wholesale market signals, with price spreads in Central Europe widening to over 2 EUR/MWh above the TTF benchmark.

Looking ahead

• Heightened price volatility: European gas prices will remain highly sensitive to global shocks. The Middle East conflict and strong competition with Asian markets for flexible LNG cargoes will be the main drivers of price spikes.
• Costly storage refills: While reaching the 80% storage target ahead of next winter is feasible, lower starting storage stocks and tight global supply mean that filling storage over the summer will likely come at a premium cost and be more vulnerable to sudden market disruptions.
• Geopolitics and supply shifts: Europe's structural pivot away from Russian gas supply will continue. In January 2026, the EU adopted a regulation introducing a gradual and permanent ban on Russian pipeline and LNG imports. This deepens the EU’s reliance on US LNG imports and maintains a west–east and coastal–continental gas pipeline flow in Europe.