Gas and Power Prices Remain Stable with Mixed Fundamentals
Short term:
Last week, Dutch power prices averaged 85.7 €/MWh, which was 4 €/MWh lower than the previous week. Prices remained stable in the 80–90 €/MWh range for most days, including the weekend. Monday recorded the highest baseload price at 98 €/MWh, while Wednesday cleared the lowest at 73 €/MWh. On Thursday, hourly prices reached their lowest levels, dropping below 10 €/MWh for three consecutive hours during the night from hour ending 3 to 5. Wind and solar generation had a compensating effect, with wind output increasing by around 35% and solar generation decreasing by around 35% across the Netherlands and Germany combined. Gas prices averaged 30.5 €/MWh, which was 0.7 €/MWh lower than the previous week.
Electricity (€/MWh)
Gas (€/MWh)
Long term:
Gas markets are navigating mixed signals, as Russian Arctic LNG 2 shipments to China continue but face winter-related constraints on the Northern Sea Route, restricting cargoes to Arc7-class vessels. Elevated LNG charter rates have made Europe the preferred destination, reducing arbitrage opportunities with Asia. Strong LNG inflows are expected to continue, supported by high import forecasts, while storage levels remain robust despite seasonal withdrawals. Norwegian pipeline flows have remained steady with only minor declines, and mild weather has kept demand subdued. The CAL-26 TTF gas contract inched down by 0.1 €/MWh to 30.3 €/MWh, while the EUA carbon contract increased by 1.5 €/ton to 83.1 €/ton. The Dutch power price rose by 0.6 €/MWh to 85.8 €/MWh, and coal prices fell by 1.5 €/ton to 87.3 €/ton.
Weekly changes
Base (€/MWh)
Peak (€/MWh)
Gas (€/MWh)
CO2 (€/MWh)
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