MESSAGE FROM THE CHAIRMAN AND THE EXECUTIVE MANAGEMENT
Globally, the year 2025 was marked by overall stable gas demand compared to the previous year, though with regional disparities. While demand in Asia remained moderate and declined in Eurasia, it was primarily driven by Europe and North America. Gas consumption increased in both of these regions to address, on the one hand, the intermittency of renewable electricity generation and, on the other hand, winter temperatures that were colder than in previous years.
As for liquefied natural gas (LNG) production capacity, it increased by 7% globally in 2025, with more than 90% of that growth occurring in the United States. This trend, which is set to continue in the coming years given the investment decisions made last year, will further strengthen the United States’ position as the world’s leading supplier of LNG, its share of the global LNG market is expected to rise from 25% in 2025 to approximately 33% by the end of the decade.
Across Europe, gas demand rose by 3% compared to the previous year, with an 11% increase in gas-fired power generation to offset the variability of renewable energy production from solar and wind power. Switzerland, on the other hand, saw a slight decline in demand of -1.1% compared to 2024.
In terms of prices on Europe’s main trading hub (TTF)1, while gas prices faced upward pressure early in the year under review, rising to as high as €58/MWh, they stabilized around €30/MWh by the end of 2025. Furthermore, the correlation between Asian and European prices has strengthened significantly, reflecting the growing globalization of natural gas markets.
In terms of the regulatory framework, on 17 December 2025, the European Union approved the phased and eventual phase-out of Russian gas by the fall of 2027. The ban will first apply to imports of Russian LNG starting in late 2026, and then to pipeline imports by September 2027. By that time, 33 billion cubic meters of gas will therefore need to be gradually replaced with supplies from other providers, primarily LNG.
In this context, and with the elimination of gas volumes transiting through Ukraine by the end of 2024, Germany has once again become a gas hub in Europe. As a result of this new situation, Austria and the Czech Republic, in particular, have become importers of natural gas from Germany.
The year 2025 was also marked, in Switzerland, by the launch of a public consultation on a new draft Gas Supply Act (LApGaz). Overall, this draft received a very mixed reception from many stakeholders. Indeed, it contains no provisions to encourage and support the development of renewable gases. Similarly, the principle of subsidiarity is completely disregarded in favor of overregulation by the Federal Council and the future Federal Energy Commission. Overall, the draftlacks a long-term vision for renewable gases, as well as for gas infrastructure in terms of network convergence and its contribution to the security of supply for Switzerland’s overall energy system.
As for Gaznat, the 2025 fiscal year closed with revenue of CHF 885 million, continuing its return to normal levels to reach figures close to those seen before the 2022 crisis. Net income reached CHF 27.2 million, with shareholders’ equity amounting to CHF 158 million.
1Title Transfer Facility: a virtual trading hub for naturalgas in the Netherlands, used as a benchmark for gas prices in Europe.
It is also worth noting that Gaznat won the 2026 Watt d’Or in the “energy technologies” category, awarded by the Swiss Federal Office of Energy (SFOE) for its Innovation Lab in Aigle. This award is, above all, a recognition that demonstrates the relevance and value of this platform for testing new products, which is fully aligned with the Swiss Confederation’s Net Zero 2050 strategy.
While 2025 was a calmer year on the natural gas markets, the situation is quite different in the first quarter of 2026, as a result of the war in the Middle East that broke out in late February of this year. Indeed, the oil and gas markets reacted swiftly following the closure of the Strait of Hormuz, causing TTF prices for natural gas to rise to as high as €68/MWh. The world thus finds itself once again in a period of great uncertainty and instability.
%20et%20Gilles%20Verdan%20(Directeur%20ge%CC%81ne%CC%81ral)%201.png)
In this context, security of supply must once again remain a top priority. Gaznat is committed to this goal, in particular by diversifying its supply sources (suppliers and transportation routes), but also by ensuring redundancy in its infrastructure and seasonal energy storage in the form of natural gas. On this last point, the merits of the rock cavern gas storage project in Upper Valais, which Gaznat is pursuing, are well established.
Thanks to its motivated and dedicated teams, Gaznat maintained its momentum throughout the year under review in the development of its operations and projects, in order to meet the expectations of its partners and customers and fulfill its mission of ensuring a secure energy supply for Western Switzerland. In this regard, we would like to extend our heartfelt thanks to all Gaznat employees for their remarkable dedication. We would also like to extend our sincere thanks to the members of the Board of Directors for their support and active participation in strategic decisions, which provide Gaznat with a long-term vision and perspective.