Futures market

• The recent curtailments of French nuclear power plants have not yet had any noticeable effect on the futures market - four reactors are currently out of operation(Four French reactors stopped). However, given the low market liquidity, analysts see potential for price spikes if the ongoing heatwave in Europe has an additional impact and gas consumption increases. The lead contract Cal-26 Phelix DE briefly rose to 86.79 EUR/MWh in the morning, but then consolidated towards 85 EUR/MWh.

Fuels and CO2

• European gas prices fell slightly. The price for delivery year 26 fell to the level of EUR 32.70/MWh. We can speak of a sideways trend without any new impetus.

  A heat wave with temperatures of up to 40 °C in southern Europe could increase demand for gas in the short term. The French utility EDF reported further reactor shutdowns due to the heat.

• CO₂ certificates down today, thin holiday liquidity pushes the price towards EUR 71.80/t. US tariffs cause uncertainty, energy prices do not provide a boost. Technically, €71.80 is important support, resistance at €73.50. Sentiment slightly negative.

Spot market and general

• The current heatwave is driving spot prices noticeably higher. Low wind feed-in and increased demand - particularly from France, which is currently short of supply - are putting additional pressure on prices.

  The day-ahead prices for tomorrow's trading day are EUR 99.83/MWh in Germany and an average of EUR 91.99/MWh in Austria. A very high price level is expected towards the end of the week.