AleaSoft Energy Forecasting, October 1, 2026. In September 2026, prices rose in the main European electricity markets. Higher gas prices, driven by low European reserves and geopolitical tensions in the Strait of Hormuz, together with the rise in CO2 prices and in demand, favoured this trend. The monthly fall in solar photovoltaic energy production added to this, although production still reached all-time highs for a month of September in the main markets. Italy and Portugal broke demand records for the month.
In September 2026, monthly average prices rose in the main European electricity markets. Italy recorded the highest price, followed by Belgium and Great Britain, while the Nordic market posted the lowest average.
Compared with August, prices rose in all markets, with the largest increase in the Nordic market. Compared with September 2025, prices also rose across the board, and France recorded the largest year-on-year increase.
Germany, Belgium, Great Britain, Italy and the Netherlands reached their highest monthly averages since January 2023. Spain and Portugal recorded their highest prices since September 2022, and France since March 2023.
Source: Prepared by AleaSoft Energy Forecasting using data from OMIE, RTE, Nord Pool and GME.Solar photovoltaic energy production rose year-on-year in Germany, Spain, France, Italy and Portugal. Although it fell compared with August, it reached all-time highs for a month of September in the main markets.
Wind energy production rose year-on-year in Italy, while it fell in Germany, Spain, France and Portugal. Compared with August, it rose in Germany, Italy and Spain and fell in France and Portugal. In Germany, it reached the second-highest value in its history for a month of September.
Electricity demand rose year-on-year in Italy, Portugal, Spain and Belgium. Italy and Portugal reached all-time highs for a month of September.
TTF gas Front-Month futures on the ICE market averaged €75.34/MWh, 21% more than in August and 133% more than in September 2025. This was the highest average since December 2022. Low European reserves, tensions in the Strait of Hormuz and restrictions on LNG supply drove prices up.
CO2 emission allowance futures averaged €85.63/t in September, 4.0% more than in August and 9.5% more than a year earlier. This was the highest monthly average since January 2026.
Brent oil Front-Month futures on the ICE market recorded an average of $102.02/bbl, 16% more than in August and 51% more than in September 2025. The resumption of attacks between the United States and Iran in the Strait of Hormuz heightened concerns about crude oil supply and drove prices up.
