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European gas prices are expected to drop to 85 euros megawatt hour in the coming months, said Goldman Sachs

Krisztian Bocsi | Bloomberg | Getty Images

Goldman Sachs predicts that European natural gas prices would drop by about 30% in the coming months as nations gain a temporary upper hand on supply issues.

The Dutch Title Transfer Facility (TTF) is Europe’s main benchmark for natural gas prices. It traded at around 120 euros per megawatt hour on Tuesday. But Goldman Sachs expects this benchmark to fall to 85 euros per megawatt hour in the first quarter of 2023, according to a research note published last week.

This would mark a significant change to the levels seen back in August. At the time, Russia’s unprovoked invasion of Ukraine and the subsequent pressures on Europe’s energy mix pushed prices to historic figures — above 340 euros per megawatt hour. 

The recent cooling in gas prices has derived from several factors: Europe’s gas storage is basically full for this winter season; temperatures this fall have been milder than expected thus delaying the start of a period of heavy usage; and there is an oversupply of liquefied natural gas (LNG).

Recent reports have pointed to about 60 vessels waiting to discharge their LNG cargo in Europe. Some of these shipments were bought during the summer and are just arriving now as storage fills up. Indeed, the latest data compiled by industry group Gas Infrastructure Europe shows storage levels in Europe are sitting at 94%.

Watch CNBC's full interview with Goldman Sachs' Jeff Currie on oil prices, supercycles and more

Despite optimism on lower gas prices in the near term, which may alleviate some of the cost-of-living crisis, there’s plenty of pressure on European leaders to secure supplies in the medium term.

“Our commodity team forecasts a further decline to 85 euros in the first quarter before sharply picking up into next summer as storage levels are rebuilt,” Goldman Sachs analysts said in the research note. Their forecasts point to a surge in prices to just below 250 euros per megawatt hour by the end of July.

Natural gas prices are expected to pick up after the first three months of 2023 due to several factors.

Fatih Birol, executive director of the International Energy Agency, told CNBC’s Julianna Tatelbaum Friday that only a very small amount of new LNG will hit the market next year. “If China economy sees a rebound, next year the LNG import of China may also increase together with Europe,” he said.

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China was the world’s top importer of LNG in 2021, according to the U.S. Energy Information Administration. However, due to its strict Covid-19 policy, the Chinese economy has had to deal with a number of lockdowns which have dented growth. Any change in this political approach would increase demand for LNG and push up prices for European buyers too.

Additionally, gas storage has been helped by Russian supplies which the EU has been trying to ween itself off. Even Xavier Bettel, the prime minister of Luxembourg, an EU nation, acknowledged in October that storage was full with Russian gas. Russian supplies have since been severely disrupted and it’s Europe’s aim to be completely free from Russian fossil fuels.

The CEO of EDP, Portugal’s utilities firm, summed it up when speaking to CNBC’s “Squawk Box Europe” Friday. “Certainly we are in a much better place than we were a couple of months ago,” Miguel Stilwell d’Andrade said, but “we should expect a lot of volatility going forward.”

The focus right now should be on increasing oil production: S&P Global

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Day 1 of the Electrek Formula Sun Grand Prix 2025 [Gallery]

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Day 1 of the Electrek Formula Sun Grand Prix 2025 [Gallery]

Today was the official start of racing at the Electrek Formula Sun Grand Prix 2025! There was a tremendous energy (and heat) on the ground at NCM Motorsports Park as nearly a dozen teams took to the track. Currently, as of writing, Stanford is ranked #1 in the SOV (Single-Occupant Vehicle) class with 68 registered laps. However, the fastest lap so far belongs to UC Berkeley, which clocked a 4:45 on the 3.15-mile track. That’s an average speed of just under 40 mph on nothing but solar energy. Not bad!

In the MOV (Multi-Occupant Vehicle) class, Polytechnique Montréal is narrowly ahead of Appalachian State by just 4 laps. At last year’s formula sun race, Polytechnique Montréal took first place overall in this class, and the team hopes to repeat that success. It’s still too early for prediction though, and anything can happen between now and the final day of racing on Saturday.

Congrats to the teams that made it on track today. We look forward to seeing even more out there tomorrow. In the meantime, here are some shots from today via the event’s wonderful photographer Cora Kennedy.

Stay tuned for more!

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Tesla sold 5,000 Cybertrucks Q2, Optimus is in chaos, plus: the Infinity Train!

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Tesla sold 5,000 Cybertrucks Q2, Optimus is in chaos, plus: the Infinity Train!

The numbers are in and they are all bad for Tesla fans – the company sold just 5,000 Cybertruck models in Q4 of 2025, and built some 30% more “other” vehicles than it delivered. It just gets worse and worse, on today’s tension-building episode of Quick Charge!

We’ve also got day 1 coverage of the 2025 Electrek Formula Sun Grand Prix, reports that the Tesla Optimus program is in chaos after its chief engineer jumps ship, and a look ahead at the fresh new Hyundai IONIQ 2 set to bow early next year, thanks to some battery specs from the Kia EV2.

Prefer listening to your podcasts? Audio-only versions of Quick Charge are now available on Apple PodcastsSpotifyTuneIn, and our RSS feed for Overcast and other podcast players.

New episodes of Quick Charge are recorded, usually, Monday through Thursday (and sometimes Sunday). We’ll be posting bonus audio content from time to time as well, so be sure to follow and subscribe so you don’t miss a minute of Electrek’s high-voltage daily news.

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Drop us a line at tips@electrek.co. You can also rate us on Apple Podcasts and Spotify, or recommend us in Overcast to help more people discover the show.


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Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisors to help you every step of the way. Get started here.

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Tesla launches Oasis Supercharger with solar farm and off-grid batteries

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Tesla launches Oasis Supercharger with solar farm and off-grid batteries

Tesla has launched its new Oasis Supercharger, the long-promised EV charging station of the future, with a solar farm and off-grid batteries.

Early in the deployment of the Supercharger network, Tesla promised to add solar arrays and batteries to the Supercharger stations, and CEO Elon Musk even said that most stations would be able to operate off-grid.

While Tesla did add solar and batteries to a few stations, the vast majority of them don’t have their own power system or have only minimal solar canopies.

Back in 2016, I asked Musk about this, and he said that it would now happen as Tesla had the “pieces now in place” with Supercharger V3, Powerpack V2, and SolarCity:

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All of these pieces have been in place for years, and Tesla has now discontinued the Powerpack in favor of the Megapack. The Supercharger network is also transitioning to V4 stations.

Yet, solar and battery deployment haven’t accelerated much in the decade since Musk made that comment, but it is finally happening.

Last year, Tesla announced a new project called ‘Oasis’, which consists of a new model Supercharger station with a solar farm and battery storage enabling off-grid operations in Lost Hills, California.

Tesla has now unveiled the project and turned on most of the Supercharger stalls:

The project consists of 168 chargers, with half of them currently operational, making it one of the largest Supercharger stations in the world. However, that’s not even the most notable aspect of it.

The station is equipped with 11 MW of ground-mounted solar panels and canopies, spanning 30 acres of land, and 10 Tesla Megapacks with a total energy storage capacity of 39 MWh.

It can be operated off-grid, which is the case right now, according to Tesla.

With off-grid operations, Tesla was about to bring 84 stalls online just in time for the Fourth of July travel weekend. The rest of the stalls and a lounge are going to open later this year.

Electrek’s Take

This is awesome. A bit late, but awesome. This is what charging stations should be like: fully powered by renewable energy.

Unfortunately, it will be much harder to open those stations in the future due to legislation that Trump and the Republican Party have just passed, which removes incentives for solar and energy storage, adds taxes on them, and removes incentives to build batteries – all things that have helped Tesla considerably over the last few years.

The US is likely going to have a few tough years for EV adoption and renewable energy deployment.

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