The active monthly electricity price contract falls to almost its lowest level this year. This is mainly due to a healthy starting point in the gas market before the onset of winter. At the same time, the uncertainty surrounding gas demand during winter is stabilising the annual contract. In southern Europe, we expect a big increase in gas consumption for electricity generation as a result of the heatwave. Closer to home, the relatively dry and warm weather has again caused low water levels in the Rhine. As a result, weather will prove to be a determining factor for market developments in the coming weeks. The Spanish presidency in the European Council may have an impact on the electricity market reform negotiations and the IEA is shedding light on the fall in European electricity demand.