The electricity price (baseload, active monthly contract) is currently around EUR 100/MWh. The price trend in recent months broadly followed developments in the gas market. In spring and summer, on the contrary, there has been a decoupling of the two markets, mainly due to the larger share of solar energy in the electricity mix. Prices on the spot market were steep several times in the past month, peaking at EUR 873/MWh for the most expensive hour on December 12, mainly due to a lack of sun and wind (dunkelflaute). We also analyze the impact of the Delta Rhine Corridor decision for offshore wind and the general outlook for the wind sector.
The ETS price (Dec-25 contract) experienced a short-lived rebound, but the downward price trend that has persisted for almost two years still appears to prevail. At the same time, we see that speculative market participants are majority gambling on price increases.