AleaSoft Energy Forecasting, July 8, 2026. In the first half of 2026, prices rose in most major European electricity markets, driven by higher gas prices and increased demand. By contrast, greater solar photovoltaic and wind energy production helped bring prices down in Spain and Portugal. Solar photovoltaic energy production reached half‑year records in Germany, Spain, France and Italy, while wind energy production set records in France, Italy and Portugal. Brent oil and TTF gas reached their highest average prices since 2023, due to tensions between the United States and Iran and low gas storage levels.
In the first half of 2026, the average half‑year price exceeded €60/MWh in most major European electricity markets. Italy registered the highest price, at €127.18/MWh, followed by the United Kingdom, at €107.27/MWh. By contrast, Portugal and Spain registered the lowest prices, €48.77/MWh and €49.83/MWh, respectively.
Compared with the second half of 2025, prices increased in most of the markets analysed. The Nordic market registered the largest rise, at 82%, followed by the British market, at 27%. By contrast, Spain and Portugal registered decreases of 28% and 29%, respectively.
In year‑on‑year terms, prices also increased in most markets, with the Nordic market registering the largest rise, 120%.
Source: Prepared by AleaSoft Energy Forecasting using data from OMIE, RTE, Nord Pool and GME.
Source: Prepared by AleaSoft Energy Forecasting using data from OMIE, RTE, Nord Pool and GME.Solar photovoltaic energy production increased year‑on‑year in all major European electricity markets. Spain and France registered the largest increases, both at 16%. In addition, Germany, Spain, Italy and France reached all‑time records for half‑year solar photovoltaic energy production.
Wind energy production also increased in all the markets analysed compared with the first half of 2025. Italy registered the largest increase, 17%, followed by France and Germany. France, Italy and Portugal reached all‑time records for half‑year wind energy production.
Electricity demand increased year‑on‑year in most of the markets analysed, with Belgium registering the largest rise, 6.1%. Compared with the previous six‑month period, demand also increased in most markets, although it decreased in Spain.
TTF gas futures for the Front‑Month in the ICE market reached a half‑year average of €42.94/MWh, the highest since the second half of 2023.
Brent oil futures for the Front‑Month in the ICE market registered an average of $87.60/bbl, the highest since the first half of 2023. Low European gas storage levels and tensions between the United States and Iran drove this development.
Meanwhile, CO₂ emission allowance futures for December 2026 in the EEX market averaged €77.13/t, 2.4% lower than in the previous six‑month period and 3.4% higher than in the first half of 2025.
