Electricity and Gas Market:
The Latest Trends

Electricity prices this week did not follow those of gas, with calendar products on the rise.

All products increased within a range of €0.87/MWh to €1.48/MWh, except for peakload 2026 and 2027, which changed by €0.2/MWh and -€0.11/MWh respectively.

We are still in a contango situation, where the most distant maturities are the most expensive. Indeed, baseload 2026 closed the week at €58.35/MWh compared to €66.77/MWh for baseload 2029.

Despite declines in gas prices, other fundamentals were observed to increase. First, coal reached its highest level in two weeks ($95.45/t) amid rising seasonal demand due to the onset of winter.

In addition, carbon prices followed a similar trend, reaching their highest level in 7 months this Friday (€79.27/t).

Thursday's strike, which also affected the energy sector, reduced electricity production capacity by 2.2 GW (including 1.2 GW from nuclear production), leading to supply tensions and a mechanical increase in prices.

Storm Amy, which forced EDF to shut down several nuclear reactors, further exacerbated this supply/demand imbalance.