Storms and strong wind in Europe have brought down the gas price by 40%.

The high winds boosted wind generation, and cut gas prices in Europe by a third from Tuesday’s all-time high over the past two days. The contribution of wind generation to electricity generation in Europe rose to 13.8% on Thursday from 7.1%. Last week, the contribution of windmills to electricity generation in Europe averaged 13.7%. On Thursday, gas trading (“day ahead” contract) on the TTF ended at $1,485 per thousand cubic meters after $1,997 on Wednesday and a record $2,138 per thousand cubic meters on Tuesday.