Futures market

• The downward spiral continues. The March baseload product fell to its lowest level since November 2024. The calendar year product is moving sideways around the EUR 89/MWh mark today. A further price decline is possible, but the downside potential appears limited. Prices fell again on Tuesday, mainly due to higher temperature forecasts. It will be noticeably warmer in large parts of Germany from tomorrow, and temperatures of between 18 and 20°C are expected in large regions on Friday - accompanied by an increase in wind.

Fuels and CO2

• The high volatility on the gas market is clearly reflected in today's price development for the coming delivery year. The price for 2026 fell to 37 EUR/MWh at the start of trading, then moved sideways and briefly rose to 38.14 EUR/MWh in the afternoon before stabilising at a level of 37.70 EUR/MWh. Short-term price movements are strongly influenced by temperature forecasts, political developments and market decisions by traders. In an interview with p2m today, an analyst explained that many factors are currently priced into the market. In his opinion, the price could continue to fall until mid-March or early April before rising again significantly.

• The prices for emission certificates are showing a clear downward trend. Today's trading day is deep in the red, with losses of almost 2 EUR/t already recorded. In the afternoon, the price for December delivery moved sideways at just over 77 EUR/t.

Spot market and general

• The baseload price for tomorrow is EUR 110.83/MWh in Germany and EUR 139.59/MWh in Austria. The significant price difference is partly due to the higher wind power generation in Germany - around 9 GW on the grid. The weather is changing, i.e. the air masses are exchanging. Temperatures in Germany are expected to rise to 6.6°C next week, which is 3.5 degrees above average.