Bullish German and Nordic Power Markets Drive Dutch Prices Higher in Week 35
Short term:
The Dutch power price for week 35 averaged at 82.77 €/MWh, which is an increase of 3.43 €/MWh compared to the previous week. Despite the Netherlands recording 26% higher wind generation and similar solar output compared to the prior week, Dutch prices rose as bullish German conditions drove a 40% increase in Dutch exports to Germany, tightening domestic supply.
Warmer early-week temperatures across the BENELUX and Germany, combined with a 23% decline in wind generation and a 10% reduction in solar generation in Germany versus the previous week, pushed average German power prices to 90.19 €/MWh—a rise of 12.2% week-on-week. Meanwhile, the Nordics also faced bullish conditions, driven by low wind output and higher residual load, further tightening the market.
This tight situation in Germany and the Nordics spilled over into the Dutch market, adding upward pressure on prices. Towards the end of the week, additional strain came from the outages of Eemshaven 10 (470 MW) and Flevo 4 (443 MW), both of which are scheduled to return to service in the first half of October.
Electricity (€/MWh)
Gas (€/MWh)
Long term:
The CAL-26 Power contract fell by 2.4 €/MWh, settling at 81.7 €/MWh. Although the EUA contract remained relatively stable, edging up by 0.4 €/Ton to 74.9 €/Ton, the decline in power prices was primarily driven by weaker TTF and coal prices for CAL-26. The TTF contract slipped by 1.4 €/MWh to 31.3 €/MWh, while coal prices dropped by 2 €/Ton to 87.1 €/Ton. The Dutch TTF gas fell amid ongoing geopolitical and supply-demand factors. Uncertainty over stalled Russia–Ukraine talks persists, while speculation grows that potential U.S.–Russia energy deals could ease sanctions and restore Russian supplies. Reports of a sanctioned Arctic LNG-2 tanker docking in southern China reinforced this view, hinting at Chinese willingness to accept restricted cargoes.
Weekly changes
Base (€/MWh)
Peak (€/MWh)
Gas (€/MWh)
CO2 (€/MWh)
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