Futures market

• The front-year product Cal 26 Phelix DE has undergone a significant correction in line with the declining gas and CO₂ markets. Yesterday, the price briefly reached over EUR 99/MWh - a benchmark that was quickly corrected again, however. The current trend is being influenced by several factors, some of which are diffuse: empty gas storage facilities, temperature trends and geopolitical uncertainties all play a role. These influencing factors suggest that the price level will remain relatively stable at the current low level in the coming days. In the afternoon, CAL 26 Phelix DE was last quoted at EUR 96.40/MWh.

Fuels and CO2

• Natural gas prices reached their highest level since October 2023 yesterday, driven mainly by the cold weather, which increased demand for heating and heightened concerns about the supply situation. Gas storage facilities are currently emptying faster than usual, creating additional uncertainty. However, a panic reaction is probably exaggerated, as prices could fall quickly once renewable energies return to full feed-in.

  Today, prices are clearly declining, but remain above the EUR 40/MWh mark for the coming delivery year. This continues to signal a tense but not critical market situation.

• The CO₂ price has fallen significantly today along with the gas price and is trading at around EUR 83.40/t, around EUR 3/t below yesterday's settlement price. The decline reflects the easing on the energy markets, as falling gas prices are reducing the pressure on emission certificates.

Spot market and general information

• Wind feed-in continues to be significantly below the standard feed-in - tomorrow it is expected to be around 5 GW. In recent years, wind feed-in has averaged 21 GW at this time of year. The spot price level for tomorrow will therefore remain largely unchanged compared to today. Today's auction for tomorrow's delivery day resulted in a baseload price for Germany of 141.77 EUR/MWh and 143.27 EUR/MWh respectively.