Gas prices rise after Austrian warning about loss of Russian gas

Last week, the average Dutch spot price was 118.4 €/MWh. Wind speeds were below average, leading to a high demand for conventional generation. Solar generation was very limited in both the Netherlands and Germany due to cloudy conditions, resulting in prices not dropping as much during the afternoon hours.
Gas prices were the main driver of price increases. Austrian OMV issued a warning midweek that, following a court ruling in an arbitration case, less Russian gas might be supplied. Subsequently, Gazprom announced it would not deliver gas on Friday. Gas for December delivery rose by around 4 euros, closing at 46.6 €/MWh. January and February contracts closed at similar levels. The 2025 delivery contract increased by 3.5 euros, closing at 44.3 €/MWh. The summer-winter spread widened significantly, with summer contracts being 2 to 3 euros more expensive than winter contracts. Typically, summer contracts are cheaper because gas demand is lower during that period, allowing for more economical storage to prepare for winter use.
CO2 prices remained stable, closing at 68 €/EUA, the same as the previous week. Coal prices, however, surged by around 7 euros, with the December contract closing at 118 €/Ton. Power contracts for the winter months became significantly more expensive, with December closing more than 10 euros higher at 110.3 €/MWh. The clean spark spread for the same month improved by 2 euros, reaching -3 €/MWh.

Gas prices for 2025 rose by just under 4 euros, closing at 44.3 €/MWh. CO2 prices increased to 70.1 €/EUA by the end of the week. Dutch power rose by 5 euros, closing at 94.5 €/MWh. The clean spark spread for next year worsened by 1.5 euros, falling to approximately -15 €/MWh.

Weekly changes