Clean sparks fall as gas prices surge

Last week, gas prices rose sharply, with contracts for the coming months closing just below 44 €/MWh. CO2 prices also increased, with the December 2024 futures price closing nearly 5 euros higher at 67 €/EUA. Gas-fired power plants have become more expensive in recent weeks as gas prices neared 40 €/MWh. Clean spark spreads deteriorated, with the December clean spark spread falling nearly 2 euros to around -10.5 €/MWh. In contrast, dark spreads improved, particularly for the summer 2025 contracts. The clean spark spread for Q2-25 dropped by more than 5 euros to approximately -30 €/MWh, and Q3-25 decreased by 3 euros to about -20 €/MWh.
The Dutch spot price was significantly higher than the previous week, with an average baseload price of 98.5 €/MWh compared to 80 €/MWh in week 42. The day-ahead gas price increased by an average of 2 euros. Simultaneously, wind generation in Northwest Europe was low.

For next year, gas became about 3.5 euros more expensive, closing at 42 €/MWh. CO2 closed nearly 5 euros higher at 69 €/EUA. Dutch electricity rose by almost 5 euros, reaching 89.7 €/MWh at the end of the week. The clean spark spread for next year decreased by 3.5 euros to -15.4 €/MWh

Weekly changes