Short term

Last week, we saw day-ahead gas prices rise to as much as 36 €/MWh following news reports about the potential halt of Russian gasflows to Europe. Russian gas is still flowing to some European countries, with Austria particularly reliant on gas from Russia. Last week, OMV informed the market about a foreign court case ruling which may result in the company being forced to redirect the payments it is making to Gazprom Export to another European utility company and as a result Russian flows may be halted. The Austrian energy regulator later announced that the country would have enough gas to get through the winter, should gas supply be reduced. Gas storages are well filled, and Austria can still import gas via Germany and Italy, among others.
Gas prices for June and July eventually closed 3 euros higher at 34.1 and 34.4 €/MWh respectively. At the same time, CO2 also increased: the contract for December 2024 closed 5 euros higher at 75.6 €/EUA. Dutch power last week averaged 74.7 €/MWh. Except for Tuesday and Wednesday, there was little wind generation, particularly in Germany. Dutch power for June and July increased by about 8 to 9 euros, closing at 70.3 and 75.5 €/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).

Lange termijn

For 2025, prices also increased. CO2 closed 5 euros higher at 78.7 €/EUA. Gas closed 2 euros higher, ending at 38.2 €/MWh. The Dutch CAL-25 contract for power closed 6 euros higher at 93.6 €/MWh. The clean spark spread for next year remained the same, at approximately -7.5 €/MWh.

Weekly changes

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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