The Ukrainian gas market has seen a sharp increase in prices: as of May 26, the cost of one thousand cubic meters of natural gas reached 23,000 UAH including VAT. This is the highest level since February 2023. In dollar terms, the price is $458−466 per 1000 cubic meters, or €38.15−38.83 per MWh, which exceeds the average European quotations. The difference from European prices is about €2 per MWh, which is a record value since February 2024.
This is reported by Business • Media
Reasons for the price increase and import prospects
Analysts note that the rise in prices in the domestic market is due to a significant excess of demand over supply. Despite this, the current price spread is still insufficient for a full-scale resumption of commercial gas imports to Ukraine, as it does not cover all costs and company margins. Experts predict that with further increases in the difference between prices in the Ukrainian and European markets, private importers may intensify their purchases of the resource abroad.
New import routes and energy security
The National Commission for State Regulation of Energy and Public Utilities (NKREKP) has simplified the transportation of gas to Ukraine through the Trans-Balkan corridor. From now on, the capacities in this direction, allowing for the transportation of up to 3 million cubic meters of gas per day (approximately 1 billion cubic meters per year), will be allocated through a single joint auction. This will open an alternative route for gas supplies from Greece and will contribute to strengthening Ukraine’s energy independence and that of the region from Russian resources.
Additionally, Poland has confirmed a guaranteed capacity for gas imports for Ukraine, which will be in effect at least until October 2026. This will enhance the flexibility and reliability of the Ukrainian gas market amid market fluctuations.
“Natural gas prices in the Ukrainian market reached ₴23,000 per 1000 cubic meters (including VAT) on May 26.”