EU commission revises gas storage targets ahead of 2025

Power prices increased last week, primarily driven by a drop in wind generation, especially during the second half of the week across most mainland countries. In the Netherlands, the average weekly power price settled at €105.1/MWh, marking an increase of approximately €7 compared to the previous week.
The baseload power price for the front month (December 2024) remained relatively stable, closing the week at €107.2/MWh. In contrast, the January 2024 baseload power price experienced a significant drop of almost €6, settling at €115.6/MWh.
The EU Commission has introduced updated targets under the EU Gas Storage Regulation (EU/2022/1032), requiring gas storage facilities to be 90% full by November 1, 2025. A key change in the new draft is an increase in intermediate targets to ensure sufficient supply for a potentially colder winter and reduced Russian gas flows through Ukraine, anticipated from early 2025. For example, the target for Dutch storage levels at the start of February has been raised from 43% to 47% under the new draft.
In the gas markets, CAL-25 TTF prices increased by €0.6, closing at €45.6/MWh, while the Dutch CAL-25 baseload power contract dropped by €1.3, ending the week at €96.4/MWh. The Clean Spark Spread for 2025 fell by €2.1, reaching -€15.9/MWh.
The EUA prices for 2025 declined by nearly €1, closing the week at €70.5/EUA.

Gas prices for 2026 rose slightly by €0.4, settling at €36.2/MWh, while carbon prices decreased by €1, ending at €72.6/EUA. The Dutch baseload power contract for 2026 dropped by €1.1, concluding the week at €85.7/MWh. The Clean Spark Spread for CAL-26 fell by €1.6, reaching -€9.3/MWh.

Weekly changes