Short term

In the past two weeks, there was a notable presence of wind in Northwest Europe. The significant increase in wind energy, coupled with reduced power demand during the holiday period, resulted in a series of low power prices. Last week, the average Dutch power price was 34.6 €/MWh, compared to 51.2 €/MWh the previous week. The gas price remained relatively stable in the last two weeks of the year, with an average day-ahead gas price of 32.7 €/MWh.
The gas prices for the months of the first quarter of 2024 all decreased by about 2 euros. January and February closed at 31.8 and 32.4 €/MWh, respectively. CO2, particularly in the penultimate week of the year, experienced a significant increase. As the December 2023 contract expired, the December 2024 contract rose by almost 10 euros. Ultimately, CO2 for 2024 became almost 11 euros more expensive, closing at 80.4 €/EUA.
The Dutch power contract for January increased by about 5 euros in the last week of the year, reaching 98.5 €/MWh, while February decreased by almost 5.5 euros to 95.2 €/MWh.

Electricity (€/MWh)

Gas (€/MWh)

Note: Gas prices are listed in €/MWh (100 €/MWh is equal to 0.97694 €/Nm3, based on a conversion formula/factor 35.17 / 3600 = 0.0097694).

Long term

From 2035 onward, Spain will no longer rely on nuclear energy. Last week, the Spanish government announced that the closure of nuclear power plants will take place between 2027 and 2035. Each nuclear power plant will be phased out individually within a period of 3 years. The decommissioning of the plants and the management of radioactive waste will cost approximately 20 billion euros. The share of nuclear energy in Spain’s energy mix is almost 20%.
For 2024, the gas price decreased by almost 2 euros, closing at 33.3 €/MWh. EUA became one and a half euros more expensive, reaching 80.4 €/EUA. The annual contract for Dutch power became almost 3 euros cheaper, settling at 89.2 €/MWh.

Base (€/MWh)

Peak (€/MWh)

Gas (€/MWh)

Let op: de gasprijzen worden vermeld in €/MWh (100 €/MWh is 0,97694 €/Nm3, gebaseerd op een omrekenformule/factor 35,17 / 3600 = 0,0097694).

CO2 (€/EUA)

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