AleaSoft Energy Forecasting, November 3, 2026. In October 2026, prices rose in most major European electricity markets and reached their highest monthly averages since at least January 2023. Tensions in the Persian Gulf and low European gas reserves drove up gas prices. Higher gas and CO2 prices, together with lower solar energy production than in September and higher demand in most markets, supported this trend. Solar photovoltaic energy production reached record highs for a month of October in the main European markets.
In October 2026, monthly average prices exceeded €165/MWh in most major European electricity markets. Italy registered the highest price and the Nordic market the lowest.
Compared with September, prices increased in most markets, with the exception of the Nordic market. Year-on-year, prices at least doubled compared with October 2025. Most markets reached their highest monthly averages since January 2023, while Spain and Portugal registered their highest since July 2022. Higher gas and CO2 prices, lower solar energy production and higher demand in most markets supported the monthly increases.
Source: Prepared by AleaSoft Energy Forecasting using data from OMIE, RTE, Nord Pool and GME.Solar photovoltaic energy production increased year-on-year in the main markets. Although it fell compared with September, it reached record highs for a month of October.
Wind energy production fell year-on-year but increased compared with September, except in Portugal. Germany, France and Italy registered their second-highest production for a month of October, while Portugal and Spain registered their lowest values for that month since 2016 and 2019, respectively.
Electricity demand fell year-on-year except in Belgium and Italy. Compared with September, it increased in the markets of central and northern Europe and decreased in Spain, Italy and Portugal.
TTF gas futures reached an average of €86.79/MWh, 172% higher than in October 2025 and the highest since January 2023. Tensions in the Persian Gulf, restrictions on LNG exports and low European reserves pushed prices up.
Emission allowance futures for CO2 registered an average of €86.64/t, the highest since February 2026. Prices rose by 1.2% compared with September and by 7.5% year-on-year.
Brent oil futures reached an average of $108.34/bbl, 69% higher than in October 2025 and the highest since July 2022. Tensions in the Persian Gulf, restrictions on maritime traffic in the Strait of Hormuz and attacks on oil tankers increased concerns about supply.
