Dutch, German and French Prices Converge as Temperatures Drop and Heating Demand Rises
Short term:
Last week, Dutch power prices averaged 101.2 €/MWh, rising 15.5 €/MWh from the previous week. Prices peaked on Friday at 142 €/MWh baseload, with three evening hours exceeding 200 €/MWh, while the lowest level cleared on Sunday at 73 €/MWh baseload. Reduced wind generation late in the week and a sharp temperature drop across the CWE region (Netherlands, Germany, Belgium, and France)—around 7°C lower on average, reaching roughly 3°C—increased heating demand and pushed prices higher. France saw the strongest movement, with prices jumping from 31 €/MWh to 81 €/MWh, and gas prices moved slightly higher by 0.6 €/MWh to 31.1 €/MWh.
Electricity (€/MWh)
Gas (€/MWh)
Long term:
Long-term markets reflected softer fundamentals as gas, carbon, and coal prices declined. Norway reaffirmed long-term supply stability under EU energy security frameworks, Ireland expects a 4.5% rise in winter gas demand and is planning a strategic LNG reserve, and colder weather increased gas-fired generation in Germany. Global fuel markets reacted to potential Russia–Ukraine peace discussions, which could ease sanctions and alter trade flows, while Russian LNG exports continued. Forward contracts weakened, with TTF Gas CAL-26 down 1.2 €/MWh to 29.1 €/MWh, EUA down 0.6 €/ton to 82.5 €/ton, coal down 1.7 €/ton to 85.7 €/ton, and Dutch power CAL-26 down 1.2 €/MWh to 84.7 €/MWh
Weekly changes
Base (€/MWh)
Peak (€/MWh)
Gas (€/MWh)
CO2 (€/MWh)
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