AleaSoft Energy Forecasting, April 2, 2026. In the first quarter of 2026, prices in most major European electricity markets increased compared to the previous quarter and exceeded €90/MWh in most cases. Rising gas prices and increased demand drove the increases, while higher renewable energy production contributed to lower prices in the Iberian market. The Nordic market registered its highest quarterly price since the first quarter of 2023. Wind and photovoltaic energy production reached quarterly records in Spain and Italy, and Brent futures reached their highest level since the fourth quarter of 2024.
In the first quarter of 2026, average prices in most major European electricity markets exceeded €90/MWh and increased compared to the previous quarter. By contrast, in year‑on‑year terms, prices declined in most markets, driven by the increase in renewable energy production and the decline in gas prices.
The Iberian market registered the lowest averages, €41.90/MWh in Portugal and €44.18/MWh in Spain, while the Italian market reached the highest quarterly average price, €130.68/MWh.
As a result of the price increase in the Nordic market, it registered in the first quarter of 2026 its highest quarterly average since the first quarter of 2023.
Source: Prepared by AleaSoft Energy Forecasting using data from OMIE, RTE, Nord Pool and GME.Solar photovoltaic energy production increased in most major European markets compared to the first quarter of 2025. Spain and Italy reached the highest historical value of photovoltaic energy production for a first quarter.
Wind energy production also increased in the main European markets in year‑on‑year terms. Spain registered the highest quarterly volume of wind energy production in the historical series.
Electricity demand increased in most major European markets compared to the same quarter of 2025.
TTF gas futures for the Front‑Month in the ICE market registered an average of €40.13/MWh, higher than the previous quarter, but lower than the first quarter of 2025.
Brent oil futures for the Front‑Month in the ICE market reached a quarterly average of $78.38/bbl, the highest since the fourth quarter of 2024.
CO₂ emission allowance futures for December 2026 in the EEX market registered a quarterly average of €77.73/t, lower than the previous quarter and slightly higher than the same quarter of 2025.
