ANALYSE ELEC EN

03/04/2026 - The 2027 Calendar price closed yesterday evening at 56.57 EUR/MWh in France and 92.72 EUR/MWh in Germany, down 5.0% and 5.1% respectively compared with last Thursday. The 2028 calendar price closed lower yesterday evening at 51.54 EUR/MWh in France and 77.86 EUR/MWh in Germany. Electricity prices in Germany are following the trend set by gas prices. Germany continues to face an electricity deficit outside the midday period, with 10,000 to 12,000 MW of combined-cycle power stations in use during the day, compared with 10,000 to 15,000 MW of coal and lignite-fired power stations.
French electricity prices are marginally influenced by German prices, with nuclear and run-of-river hydroelectric power exerting a strong downward pressure on price levels, and the price differential with Germany remaining significant (€36/MWh on the 2027 forward market). 4,500 MW of combined-cycle power stations are required during the day.

The price of CO2 closed yesterday evening at €70.24/t, up 0.1% on last Thursday.
The European Commission has announced a reform of the rules governing the operation of the market stability reserve. Under the current rules, allowances held by the reserve are cancelled once the threshold of 400 million allowances is exceeded. Some 3.6 billion allowances are reported to have been cancelled to date, leaving 1.2 billion allowances in circulation by the end of 2024 (the figure for 2025 has not yet been published).
The market is now waiting to see what changes the Commission will propose regarding the allocation of free allowances.