
Dutch Power Contracts Decline Amid Softer Coal, TTF, and EUA Prices
Short term:
The Dutch power price averaged 94.6 €/MWh for Week 49, around 13.5 €/MWh lower than the previous week. A similar downward trend was seen in Belgium, Germany, and France, where week-ahead prices cleared roughly 8%, 10%, and 19% lower, respectively, compared with the previous week.
Wind generation increased modestly in the Netherlands, up 4% from the previous week, but fell in Germany, down 7.4% week-on-week. In contrast, stronger wind output in Belgium (up 20.4%) and France (up 29.4%) added supply to the system, easing market conditions.
With Germany experiencing lower wind output, and solar production remaining broadly unchanged, the NL–DE spread widened slightly compared with the previous week. Germany cleared at 110.97 €/MWh, resulting in a spread of 16.35 €/MWh, an increase of 0.85 €/MWh week-on-week.
Meanwhile, TTF prices dropped to 27.0 €/MWh amid warmer weather and increased short positioning by investment funds, which amplified already bearish fundamentals.
Electricity (€/MWh)
Gas (€/MWh)
Long term:
Front-month contracts declined across the board for Netherlands. Jan-26, Feb-26, and Mar-26 declined by 3.9 €/MWh, 8.8 €/MWh, and 4.5 €/MWh, settling at 93.0 €/MWh, 88.2 €/MWh, and 76.3 €/MWh respectively. The downturn appears to be driven primarily by falling Coal, EUA, and TTF prices, while milder weather and the resulting reduction in expected heating demand further weighed on these front-month contracts.
CAL- 26 followed the same downward trajectory, dropping 4.8 €/MWh to 79.3 €/MWh. This decline was supported by softer fundamentals across key commodities : Coal fell by 2.1 €/Ton to 84.1 €/Ton, TTF decreased by 1.1 €/MWh to 26.9 €/MWh, and EUA prices eased by 1.2 €/MWh to 84.2 €/MWh.
Weekly changes
Base (€/MWh)
Peak (€/MWh)
Gas (€/MWh)
CO2 (€/MWh)
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