Gas price barely moves as gas metering station in Sudzha explodes

Last week presented the opposite weather conditions compared to the previous week: almost all of Europe, except for the south, experienced sunny weather and rapidly rising temperatures. This was reflected in the power prices during the afternoons, which nearly hit 0 €/MWh on a daily basis. On Thursday and Friday, prices surged above 200 €/MWh in both the Netherlands and Germany, mainly due to a significant drop in wind generation across most countries, coupled with the fact that many power plants were forced to shut down during the midday solar peak. The average Dutch spot price was 80.2 €/MWh, with particularly low prices observed over the weekend, especially on Saturday.

Gas remained mostly stable, trading around the same level as the previous week. Prices briefly spiked after reports emerged that part of the gas infrastructure near Sudzha, Russia, had been blown up. Until the end of last year, this pipeline still carried gas to Europe. Prices briefly exceeded 43 €/MWh but gradually declined afterward. Ukraine and Russia blamed each other for the explosion, which occurred shortly after the U.S. had called for energy infrastructure to be left untouched. The TTF April contract ultimately closed just 30 cents higher at 42.6 €/MWh.

CO2 prices increased by 50 cents, with the December 2025 contract closing at 71.5 €/EUA. Coal prices rose by 1 to 2 euros for upcoming months—April, for example, increased by 2 euros to 90.8 €/Ton. Dutch power contracts for the coming months rose modestly by around 1 euro. Clean dark and clean spark spreads remained more or less unchanged.