Electricity Prices: High gas prices remain the main driver of prices, while low hydropower reserves, nuclear outages in France, and additional exports from efficient Dutch gas-fired power plants via the Northwest European interconnector are further intensifying upward price pressure.
Gas Prices: Relatively low European gas stocks and geopolitical uncertainty are keeping the market on edge, while the ENTSOG scenario analysis shows that, in an extreme winter scenario, a demand reduction of up to 50 bcm is needed to keep the gas market in balance.
EU ETS: The ETS price is being supported by higher coal consumption and increasing compliance requirements, while political negotiations could continue well into 2027.
