Most Belgian households face up to €900 in extra annual heating costs this winter as Belgian natural gas prices surged by 25% in November, marking the year's sharpest monthly increase as Middle East tensions continue to disrupt global supplies.
Two-thirds of Belgian households rely on gas for heating, and an average family now faces an additional €800 to €900 on their annual bill, according to reports in Flemish media. Electricity tariffs also rose by an average of 5% due to expensive gas-fired power plants currently dictating wholesale electricity market rates.
Wholesale gas prices crossed the €100 per megawatt-hour threshold on Wednesday, tripling since military conflict erupted between the United States and Iran in late February.
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Bombing damage at Qatari gas facilities will take months to repair, while Iran continues blocking liquefied natural gas (LNG) tankers at the Strait of Hormuz. European and Belgian storage reserves sit at 75% capacity, unlike the usual 90% when the winter begins.
"All cards indicate that prices will rise even further," energy specialist Alex Polfliet was quoted by Het Nieuwsblad, pointing to potential winter cold snaps and renewed military threats in the Middle East.
Panic triggered a massive wave of contract switching over the weekend. Roughly 21,000 consumers ditched variable rates for fixed tariffs on Saturday alone to beat the November hike. In comparison, about 36,000 people switched contracts during the entire month of August.
Fixed deals currently cost only a few dozen euros more than variable options, occasionally they even cost less, offering households predictable winter billing. Under rules introduced on 1 October, consumers keep pro-rata welcome discounts even if they terminate a contract early to chase falling rates later.
Energy suppliers have reintroduced steep promotions for new customers, but even factoring in those bonuses, November's cheapest deals remain 10% more expensive than October's lowest offers.
Finding the lowest tariff requires checking multiple platforms due to commercial agreements between energy firms and comparison websites. For instance, the same Engie's Easy Fix gas contract can cost €2,287, €1,828 or €1,777 per year, depending on the source.
Households cannot expect federal or European bailouts this winter. Budget deficits prevent Belgium from repeating its 2022 crisis measures, while European Commission President Ursula von der Leyen recently urged EU leaders to restrict national energy subsidies.
