AleaSoft Energy Forecasting, March 3, 2026. In February, monthly prices declined in most major European electricity markets, with the exception of the Nordic market. Several markets registered their lowest monthly average in recent months, notably the Portuguese market, which reached the lowest price in its history within the Iberian MIBEL market. The fall in gas and CO₂ prices, the latter registering their lowest monthly average since September, together with lower demand compared to January in most markets, supported this trend. In some cases, increased renewable energy production also contributed to the price drops. France, Italy and Portugal registered their highest‑ever wind energy production for a month of February, as did Italy for photovoltaic energy production. Brent futures reached their highest monthly average since August.
In February 2026, monthly average prices fell in most major European electricity markets. In most markets, monthly averages stood below €100/MWh. Only the Nordic and Italian markets exceeded that level.
The Portuguese market registered the lowest monthly price in its history in the Iberian MIBEL market since its launch in July 2007. The Spanish market reached its lowest level since May 2024 and the French market since October 2025. The Italian and Belgian markets registered their lowest values since November 2025. In contrast, the Nordic market was the exception: prices increased and reached their highest average since January 2023.
Source: Prepared by AleaSoft Energy Forecasting using data from OMIE, RTE, Nord Pool and GME.Solar photovoltaic energy production increased compared to January in the main European markets and the Italian market reached a historic record for a month of February.
Wind energy production increased year‑on‑year in all major European markets. France, Italy and Portugal registered their highest wind energy production for a February. Compared with January, production increased in France and Italy and decreased in the Iberian Peninsula and Germany.
Electricity demand increased year‑on‑year in most markets, although France and Great Britain registered declines. Compared with January, and considering the adjustment for the number of days, demand decreased in most European markets, in a context of milder temperatures.
TTF gas futures for the Front‑Month in the ICE market registered an average of €32.42/MWh in February, lower than in January and well below that of February 2025, driven by greater LNG availability and forecasts of milder temperatures.
CO₂ emission allowance futures for December 2026 in the EEX market registered their lowest monthly average since September 2025, €75.00/t, decreasing compared with January and also year‑on‑year.
Brent oil futures for the Front‑Month in the ICE market registered a monthly average in February of $69.37/bbl, the highest since August 2025, in a month marked by developments in the conflict between the United States and Iran and uncertainty regarding demand and OPEC+ production.
