Engineering Guide
EUR/MWh to USD/MMBTU: Energy Price Conversion for International Power & Gas Markets
Published June 27, 2026 · by Industrial Unit Converter Editorial Team
EUR/MWh to USD/MMBTU
EUR/MWh and USD/MMBTU differ in currency, energy units, and market convention. The conversion is two arithmetic steps once you isolate them.
The question this answers: if TTF gas costs €30/MWh, what is the equivalent Henry Hub price in $/MMBTU? LNG traders, project finance analysts, and industrial energy buyers run this calculation many times a day. The rest of this page shows how.
The conversion chain: 4 steps
1. Convert EUR to USD (exchange rate) 2. Convert MWh to MMBTU (energy units: 1 MWh = 3.412 MMBTU) 3. Adjust for market convention (European gas quotes in MWh, US in MMBTU) 4. Account for delivery basis (HHV vs LHV, delivered vs hub)
Step 1: The EUR/USD exchange rate
The EUR/USD rate is the floating variable. At the time of writing (mid-2026), the rate hovers around 1.05-1.15 USD per EUR. This rate is sourced from the ECB (European Central Bank) daily fixing or real-time forex markets. For long-term project finance, a forward curve or a fixed assumption (e.g., 1.10) is used.
Current rate assumption: 1 EUR = 1.10 USD
Step 2: MWh to MMBTU (the energy conversion)
1 MWh = 1,000 kWh 1 kWh = 3,412.14 BTU (International Table) 1 MWh = 3,412,140 BTU = 3.41214 MMBTU
This conversion is exact, since it relies only on defined SI units and the International Table BTU.
Step 3: The combined conversion formula
$/MMBTU = €/MWh × (EUR/USD rate) / 3.41214
Or equivalently:
$/MMBTU = €/MWh × EUR/USD × 0.29307
The factor 0.29307 = 1 / 3.41214. It is the same factor as kW to MBH or BTU/hr to kW, appearing here in the energy-price context.
Worked example: TTF gas to Henry Hub equivalent
Scenario: European TTF (Title Transfer Facility, the Dutch natural gas hub and European benchmark) trades at €30/MWh. EUR/USD = 1.10. What's the equivalent US price in $/MMBTU?
Step-by-step:
- €30/MWh × 1.10 USD/EUR = $33.00/MWh
- $33.00/MWh ÷ 3.412 MMBTU/MWh = $9.67/MMBTU
Result: €30/MWh TTF gas is equivalent to approximately $9.67/MMBTU. For context, Henry Hub typically trades at $3-6/MMBTU.
At $4-5/MMBTU Henry Hub (mid-2026), the TTF premium is about $4.70-5.70/MMBTU, or roughly €14-18/MWh. That spread reflects intercontinental LNG shipping, regasification, and Europe's structural supply deficit after the 2022-2023 reduction in Russian pipeline gas.
The reverse: USD/MMBTU to EUR/MWh
€/MWh = $/MMBTU × 3.41214 / (EUR/USD rate)
Example: US Henry Hub at $4.50/MMBTU, EUR/USD = 1.10.
€/MWh = $4.50 × 3.41214 / 1.10 = €13.96/MWh
At $4.50/MMBTU, US natural gas comes out to roughly €14/MWh, about half the typical European TTF price after the exchange rate is applied. This is the basic arbitrage that drives US LNG export economics.
LNG breakeven economics
The global LNG market prices US gas in $/MMBTU at Henry Hub and European gas in €/MWh at TTF. Asian gas trades in $/MMBTU on JKM (Japan-Korea Marker). An LNG cargo from the US Gulf Coast to Europe involves:
- Feedgas cost: Henry Hub at $4.00/MMBTU
- Liquefaction tolling fee: ~$2.50/MMBTU (typical for US Gulf Coast liquefaction terminals)
- Shipping to Europe: ~$1.50/MMBTU (varies with shipping rates and route)
- Regasification: ~$0.40/MMBTU
- Total delivered cost: ~$8.40/MMBTU
Converting to €/MWh at EUR/USD = 1.10:
€/MWh = $8.40 × 3.412 / 1.10 = €26.03/MWh
TTF above €26/MWh makes the cargo profitable. Below €26/MWh the cargo diverts to Asia or the seller takes a loss. LNG traders run this breakeven daily, and the EUR/MWh vs $/MMBTU conversion is the step that makes it work.
Power prices: converting European electricity to US fuel equivalents
European wholesale electricity prices are quoted in EUR/MWh. Converting to $/MMBTU allows comparison against the US natural gas price that would produce the same electricity cost:
Implied gas price ($/MMBTU) = Electricity price (€/MWh) × EUR/USD / (Heat Rate in MMBTU/MWh)
Where the heat rate of a power plant (MMBTU of gas per MWh of electricity) depends on plant efficiency:
| Plant Type | Efficiency (HHV) | Heat Rate (BTU/kWh) | Heat Rate (MMBTU/MWh) |
|---|---|---|---|
| Simple-cycle gas turbine (peaker) | 35% | ~9,750 | 9.75 |
| Combined-cycle (F-class) | 55% | ~6,200 | 6.20 |
| Combined-cycle (H-class, newest) | 62% | ~5,500 | 5.50 |
Worked example (spark spread calculation):
European wholesale power at €80/MWh. EUR/USD = 1.10. A combined-cycle plant at 55% efficiency (6.2 MMBTU/MWh heat rate).
Equivalent gas price = €80 × 1.10 / 6.2 = $14.19/MMBTU
If the actual gas price (in $/MMBTU, converted from TTF) is lower than $14.19, the plant makes a profit. If higher, the plant is underwater and should shut down. This gap is the spark spread, the dispatch signal in every liberalized electricity market.
Conversion quick-reference table
| European Price (€/MWh) | USD/MMBTU (at 1.05 EUR/USD) | USD/MMBTU (at 1.10) | USD/MMBTU (at 1.15) |
|---|---|---|---|
| €10 | $3.08 | $3.22 | $3.37 |
| €20 | $6.15 | $6.45 | $6.74 |
| €30 | $9.23 | $9.67 | $10.11 |
| €40 | $12.31 | $12.89 | $13.48 |
| €50 | $15.38 | $16.12 | $16.85 |
| €80 | $24.61 | $25.79 | $26.96 |
| €100 | $30.77 | $32.24 | $33.70 |
| €150 | $46.15 | $48.35 | $50.55 |
Market conventions to watch
HHV vs LHV basis. TTF prices are quoted on a Lower Heating Value basis. Henry Hub is on a Higher Heating Value basis. For methane the difference is about 10% (HHV ~1,010 BTU/SCF, LHV ~910 BTU/SCF). Check the basis before comparing: a 10% LHV/HHV mismatch is much larger than the unit-conversion noise.
Delivery point. TTF and Henry Hub are virtual trading points, so the gas has not actually been transported. Delivered prices add pipeline tariffs, LNG shipping, and regasification. The EUR/MWh to $/MMBTU conversion gives you the hub price. Add delivery costs separately.
Exchange rate volatility. EUR/USD can move 5-10% in a month, which moves the equivalent price by the same percentage. Energy traders hedge both the commodity and the FX. A European buyer with a long-term LNG contract indexed to Henry Hub in $/MMBTU is exposed to US gas prices and to EUR/USD. Most buyers hedge both.