AleaSoft Energy Forecasting, February 3, 2026. In January, prices rose in most major European electricity markets and stood above €100/MWh. In several markets, the monthly price was the highest since at least March 2025. By contrast, prices in the Iberian market fell and were around €71/MWh. Spain and Italy registered all‑time monthly wind energy production records, while France and Portugal reached their highest wind energy production for a January month. Germany, Italy and France achieved their highest photovoltaic energy production for a January month. Electricity demand increased. TTF gas futures reached their highest average since July, Brent futures since October and CO₂ futures at least since January 2024.
In January 2026, the monthly average price in most major European electricity markets exceeded €100/MWh. The exception was the Iberian MIBEL market, with averages of around €71/MWh in Spain and Portugal, while the IPEX market of Italy registered the highest value, €132.66/MWh.
Compared with December 2025, prices rose in most European electricity markets.
On a year‑on‑year basis, January prices were lower than those of January 2025 in most markets.
The EPEX SPOT markets of Germany, France, Belgium and the Netherlands, the British N2EX market and the Italian IPEX market reached their highest prices since March 2025, while the Nord Pool market of the Nordic countries registered its highest monthly level since January 2023.
Source: Prepared by AleaSoft Energy Forecasting using data from OMIE, EPEX SPOT, Nord Pool and GME.Germany, Italy and France reached all‑time records for solar photovoltaic energy production for a January month.
The Spanish and Italian markets reached all‑time wind energy production records, while France and Portugal registered their highest production for a January month.
Electricity demand increased in most major European markets, both year‑on‑year and compared with December, in a context of low temperatures.
TTF gas futures for the Front‑Month in the ICE market reached their highest monthly average since July 2025 in January.
CO₂ emission allowance futures for December 2026 in the EEX market reached their highest monthly average at least since January 2024.
Brent oil futures for the Front‑Month registered their highest monthly average since October 2025.
