Since October, the price for this package has been €0.59 per cubic meter of gas, but starting January 1, the price will increase to €0.69 per cubic meter – a hike of almost 17 percent.

"The price adjustment is linked to changes in natural gas prices on the European gas market," the company said.

Additionally, it will start publishing the price for the following month's natural gas on its e-service portal and website no later than the first working day of the preceding month. The updated price will also be included on invoices issued for the previous month.

"We will no longer send separate notifications about price changes to reduce the environmental impact of digital and paper waste," Eesti Gaas added.

On the Dutch TTF gas exchange, the price per megawatt-hour of gas has been steadily rising since its low point in February.

On February 1, the closing price per megawatt-hour was €28.9 and by December 1, the price had reached €47.9 per megawatt-hour.

Expectations of higher demand, as colder temperatures approach in December and seasonal heating needs increase are behind the price rises, the TTF website said.

European gas storage facilities are currently 86.65 percent full, more than 10 percentage points lower than at this time last year, potentially signaling supply challenges.

Weather forecasts indicate milder conditions next week, followed by colder weather, which could drive increased demand, TTF noted.

Additional risks include uncertainties surrounding Russian gas deliveries via Ukraine and the high demand for liquefied natural gas (LNG) in Asia.

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