Dutch Energy Suppliers Are Withdrawing Fixed Rate Contracts After Gas Prices Spike

Dutch energy suppliers have been raising the rates on their fixed contracts and reducing cashbacks for new customers in response to rapidly rising European gas prices. Several have gone further, withdrawing their fixed-rate contracts altogether. Vattenfall, Powerpeer, Clean Energy, VrijopNaam, Pure Energie, and Engie all pulled their fixed-rate contracts, while Eneco and Oxxio took their three-year contracts offline. None of the suppliers have indicated when new offers will be available.

Vattenfall has since resumed fixed contracts for existing customers, with clients on variable contracts particularly looking to switch. Eneco is continuing to offer 12-month deals but has stopped three-year contracts. Essent said it is still offering fixed contracts but told NOS it is not sure for how long.

Energy companies are being flooded with calls. Essent received twice as many calls as usual, with a spokesperson saying that number was expected to double further. Vattenfall reported a significant increase in contact from customers wanting to know whether the situation would affect their bills.

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Why gas prices are surging

The root cause is the closure of the Strait of Hormuz, a narrow waterway between Iran and Oman that is one of the world's most critical energy routes. Qatar paused LNG production following Iranian drone strikes, reducing near-term global supply by almost a fifth. Dutch TTF futures, which stands for Title Transfer Facility and is Europe's benchmark gas price, rose 35% on Tuesday to over 60 euros per megawatt-hour. On the week, prices are around 76% higher.

LNG, or liquefied natural gas, is natural gas that has been cooled into liquid form so it can be transported by ship. Around 20% of global LNG exports come from the Gulf, mostly Qatar, and pass through the Strait of Hormuz. Since the first strikes on 28 February, shipping through the strait has slowed to a near standstill.

The adjustments by energy companies are also a response to surging consumer demand for fixed contracts, as people seek price certainty and think back to the energy crisis that followed Russia's invasion of Ukraine in 2022.

Why the Netherlands is particularly exposed right now

Dutch gas reserves are unusually low after a long winter. The Dutch gas stocks are currently at a historically low level, at only 11% filled after the winter. This makes the country more vulnerable to price spikes than it would be heading into spring with fuller reserves.

Europe as a whole started 2026 with much lower gas storage levels than in recent years, at 46 billion cubic metres at the end of February 2026, compared to 60 billion cubic metres in 2025 and 77 billion cubic metres in 2024.

Energy expert Martien Visser explained the market dynamics to NOS. The Netherlands itself is not heavily dependent on gas from the Middle East, but Asian countries are now competing for the same gas supplies, including from the United States. "Europe and Asia are essentially being played off against each other to bid higher," he said. "That is how the market works."

Should you worry about another 2022?

Dutch Finance Minister Eelco Heinen stressed that it is too early to panic about another energy crisis. The Netherlands is much better equipped to withstand price shocks than in 2022, he said, noting that the country has since changed its gas imports significantly and now sources most of its gas from the United States and Norway, with some domestic supply as well.

However, higher gas prices will feed through to household energy bills, particularly for consumers on variable contracts. ING economist Bert Colijn told the Financieele Dagblad that in a worst-case scenario, Dutch inflation could rise to 4%, though he does not expect a return to the situation of 2022.

What to do if you are looking for a fixed contract

Energy expert Rick Boenink advised consumers looking for price certainty not to wait, as there are still suppliers offering fixed-rate contracts, even if at less competitive prices than a week ago. "As long as geopolitical tensions and low gas supplies influence the market, the risk of further price fluctuations remains," he told comparison site Overstappen.nl.

Around half of Dutch households currently have a fixed contract. The rest are either on a variable tariff, typically fixed for between one and six months, or a dynamic tariff that follows real-time market prices. Those on variable or dynamic contracts are the most exposed to near-term price rises.