Dutch Power Prices Rise as Wind Output Falls and Coal and Carbon Continue to Strengthen

Dutch power prices averaged €89.7/MWh, an increase of €17.6/MWh compared to the previous week. The higher prices were recorded mainly in the second half of the week, with Thursday and Friday clearing above €100/MWh on a baseload basis, including two hours on each day exceeding €148/MWh. Weekend prices averaged €96.55/MWh, higher than most recent weekends. This was primarily driven by a period of low wind generation across Europe during the latter part of the week. Wind output dropped by around 50% compared to the previous week in both the Netherlands and Germany. Although solar output increased by roughly 20%, the sharp decline in wind had a bullish impact on prices.

In addition, the rise in coal prices over the past month has contributed to the persistent price spread between the Netherlands and Germany, with Germany clearing higher due to its coal-dependent energy mix compared to the Netherlands.

Gas prices averaged €31.2/MWh last week, slipping marginally by €0.1/MWh amid subdued market activity. The market continues to trade sideways, supported by mild weather, robust LNG imports—particularly into the Netherlands—and steady Norwegian pipeline flows. Trading margins have tightened under low volatility, while storage levels remain ample but uneven across regions. Technical indicators at the Dutch TTF hub point to bearish momentum, whereas Central European hubs are drawing more heavily from reserves.