AleaSoft Energy Forecasting, October 6, 2026. In the third quarter of 2026, prices rose in the main European electricity markets compared to the previous quarter and to the same period of 2025. The rise in gas and CO2 prices, higher demand and lower wind energy production drove this trend. Solar PV production reached quarterly historic highs in Spain, France, Italy and Portugal. Low European gas reserves and supply tensions pushed TTF gas to its highest quarterly average since 2023.
In the third quarter of 2026, prices rose in the main European electricity markets both compared to the previous quarter and year on year. France registered the largest rises in both comparisons.
The average quarterly price exceeded €120/MWh in almost all markets. Italy registered the highest average, of €181.24/MWh, while the Nordic market posted the lowest, of €74.39/MWh.
Germany, Belgium, the Netherlands and Italy reached their highest average quarterly prices since the first quarter of 2023. Spain and Portugal registered their highest since the fourth quarter of 2022, and France and Great Britain their highest since the second quarter of 2023.
Source: Prepared by AleaSoft Energy Forecasting with data from OMIE, RTE, Nord Pool and GME.
Source: Prepared by AleaSoft Energy Forecasting with data from OMIE, RTE, Nord Pool and GME.Solar photovoltaic energy production increased year on year in the main European electricity markets. Spain, France, Italy and Portugal reached quarterly historic highs, while Germany registered its highest production for a third quarter.
Wind energy production increased in Germany compared to both the third quarter of 2025 and the previous quarter, while it fell in the rest of the markets analysed. Germany reached a historic high for a third quarter and France registered its second highest figure for that period.
Electricity demand increased year on year in most of the main European markets. Italy registered the highest quarterly demand in its history and Portugal reached a historic high for a third quarter. Spain registered its highest quarterly demand since the first quarter of 2018.
TTF gas Front-Month futures on the ICE market registered a quarterly average of €63.65/MWh, 39% higher than in the previous quarter and the highest since the first quarter of 2023. Low European reserves and supply tensions drove prices up.
Brent oil Front-Month futures on the ICE market reached a quarterly average of $91.31/bbl, the second highest since the fourth quarter of 2022. Although they fell by 5.6% compared to the previous quarter, they remained at high levels due to restrictions on crude oil exports from the Middle East.
CO2 emission allowance futures for December 2026 on the EEX market registered a quarterly average of €83.09/t, 8.7% higher than in the second quarter of 2026 and 11% higher than in the same quarter of 2025.
