Weekly Analysis – August 03, 2026

Electricity futures showed mixed performance this week. Products for the remainder of the year declined to €106.96/MWh (-€3.49/MWh), CAL-27 remained unchanged at €67.00/MWh, while CAL-28 edged up to €56.40/MWh (+€0.72/MWh). Following the strong gains recorded during July, the market has entered a phase of greater stability, with adjustments mainly affecting the nearest-term contracts.

Key Factors:

1. Lower gas and CO₂ prices ease pressure on electricity futures: The moderation of both commodities during the week supported the correction in contracts for the remainder of the year, reducing part of the accumulated risk premium.

2. The market maintains a stable outlook for 2027: The unchanged CAL-27 contract reflects that market participants continue to price in a relatively balanced medium-term scenario despite short-term volatility.

3. Market participants are focusing on the final quarter of the year: As the summer progresses, attention is turning to year-end expectations, particularly regarding demand, renewable generation availability and generation costs.