The new report from Energy Traders Europe (ETE) regarding the status of the European gas market in 2026 examines the barriers to the integration of this market. Two decades after the efforts to introduce common regulations began, the European gas market still has not reached true integration, and legal barriers, licensing requirements, and national reporting obligations continue to limit liquidity and cross-border trade.
Status of Gas Markets in Europe
The report indicates that a small group of hubs in Northern and Western Europe consistently perform well by providing strong liquidity and predictable regulations. Meanwhile, a larger group of markets performs moderately due to structural barriers. Central, Southern, and Eastern European markets, in particular, face restrictive national regulations, limited transparency, and irregular operational practices.
Development and Challenges of Hubs
Pavel Lant, Chairman of the ETE Gas Committee, discussed the evaluation methods for European gas markets in an interview, emphasizing that this year's report assessed 28 countries, including the mature markets of Western Europe. Only 10 of the 28 assessed markets reached a score of 15, which ETE considers indicative of market maturity. The United Kingdom tops this ranking with a score of 19.5.
In contrast, Serbia, Moldova, and Turkey received poor results, scoring 4, 5, and 6.5, respectively. These results indicate that the main barriers to deeper integration relate to legal and commercial conditions rather than physical infrastructure.
Market Challenges in Italy and Central Europe
Italy, as the only historical hub to see a score decrease in 2026, has fallen to a score of 14.5 and entered the transitional category. Despite having a large market and several supply routes, the country has reduced its score due to reporting requirements and planned liquidity services. In Central and Southeastern Europe, there is a clear gap among markets, with Austria taking the top position in the region with a score of 17.
Finally, the assessments indicate that major challenges in Poland and Romania due to market interventions, licensing requirements, and reporting obligations prevent the emergence of liquid hubs.
