Electricity and Gas Market:
The Latest Trends

Weekly Analysis – September 14, 2026

Electricity futures accelerated sharply this week. Products for the remainder of the year reached 155.46 €/MWh (+20.01 €/MWh), CAL-27 rose to 96.89 €/MWh (+14.49 €/MWh) and CAL-28 advanced to 67.25 €/MWh (+6.25 €/MWh). The increase extends across the entire curve, although with clearly greater intensity in the short term.

💡 Key Factors

1. Gas is once again setting the tone for the electricity market. TTF remains above 80 €/MWh, with the market under pressure from restrictions on Middle Eastern LNG and limited European storage availability.
2. The market behaviour is reminiscent of the 2021 episode. As was the case then, a gas supply shock is rapidly feeding through to electricity prices and increasing volatility across the entire curve. The main difference is that Spain currently has a higher penetration of renewables, significantly reducing its dependence on gas compared with 2021.
3. Pressure is extending across the entire curve. The sharp rise in 2026, 2027 and 2028 contracts shows that the market is beginning to price in the possibility that energy supply tensions may have a more persistent impact, rather than being limited solely to the end of 2026.