Minimal impact of storm Debby on power prices

Last week, the TTF rally came to an end, with gas prices stabilizing by the end of the week. The September contract dropped by nearly one euro, closing at 39.6 €/MWh, suggesting the market is taking a breather. Russian gas continues to flow from the area where Ukraine launched its attack, and no large-scale conflict has erupted between Israel, Hezbollah, and Iran.
In Northwest Europe, there was little to no wind, despite most weather models predicting otherwise in the days leading up to week 33. The impact of storm Debby was ultimately negligible. A high-pressure system over Europe kept temperatures high and wind generation low, which contributed to keeping spot prices elevated. The average Dutch power price was 89.9 €/MWh. The price spread with Germany widened slightly, with Germany being nearly 7 euros more expensive.
CO2 prices increased by 2 euros, closing at 72.5 €/EUA. Coal prices remained relatively stable, with the September coal contract settling at 111.7 €/MWh. Dutch power for the coming months became slightly more expensive: September and October both closed half a euro higher, at 90.9 and 96.1 €/MWh, respectively.

In contrast to the short-term gas price, the gas price for 2025 increased by half a euro to 42.4 €/MWh. The December 2025 CO2 contract rose by 2.5 euros, closing the week at 75.1 €/EUA. The CAL25 contract for Dutch power increased by nearly 2 euros, reaching 96.4 €/MWh. The clean spark spread for next year remained unchanged at approximately -11.4 €/MWh.

Weekly changes