Wholesale Gas Price Survey 2025_02

Europe is one of the regions where the most significant changes in price formation mechanisms have taken place. There has been a broadly continuous move from OPE to GOG since 2005, with GOG’s share increasing from 15% in 2005 – when OPE was 78% – to 82% in 2024, with OPE at some 18%. In 2024, there was a fallback in the GOG share as spot LNG imports declined, with cargoes heading to Asia. The RCS category – domestic production in Romania – has steadily declined to zero, while RSP declined in 2017 as it disappeared in the Polish market, and to almost zero in 2024.