In addition to gas prices, electricity prices are also increasing.
On the Eropean Energy Exchange, the trend-setting price for the megawatt hour for delivery in one year climbed to 502 euros on Tuesday.
Within a year, the price of electricity has risen by 500 percent, mainly due to the throttling of natural gas supplies from Russia.
Governments are faced with the task of planning for possible power outages this winter in some European countries.
Electricity production from France's nuclear power plants, which traditionally form the backbone of Europe's electricity system, is heading towards its lowest level in decades.
At the same time, the energy production of hydroelectric power plants in some countries is at its lowest level in years.
Gas prices are also currently rising significantly after the very hot summer led to higher-than-usual demand across Europe.
The reason for this is the falling water levels in the rivers, which are hampering transport, writes the Bloomberg news agency.
The price per megawatt hour for delivery in Amsterdam reached 251 euros, which is around 25 percent higher than the peak in March.