AleaSoft Energy Forecasting, February 4, 2025. In January 2025, prices in most major European electricity markets rose, with some reaching their highest monthly average since March 2023. This increase follows the trend of gas prices, whose futures marked their highest monthly value since then, and CO₂ prices, with their highest level since December 2023. The increase in electricity demand also drove this upward trend. Photovoltaic energy registered its highest production for any January in all major European markets, a record also reached by wind energy in Spain, France and Portugal.
The monthly average price in most major European electricity markets was above €95/MWh.
In almost all markets prices increased both compared to December 2024 and on a year‑on‑year basis. The exceptions were the Iberian MIBEL market, where prices were lower than in December, and the Nord Pool market of the Nordic countries, which registered a price drop compared to January 2024.
In the EPEX SPOT market of Germany, Belgium and the Netherlands, the N2EX market of the United Kingdom and the IPEX market of Italy, January 2025 prices were the highest since March 2023. The French market reached the highest average since May 2023, while the Nordic market registered the highest average since May 2024.

Historical records of solar photovoltaic energy production for a month of January were reached in the main European markets.
The markets of Spain, France and Portugal registered record levels of wind energy production for a month of January.
Electricity demand increased in all major European electricity markets, both compared to the same period in 2024 and compared to December 2024.
TTF gas futures in the ICE market for the Front‑Month reached the highest monthly average since March 2023, €48.32/MWh.
CO2 emission allowance futures in the EEX market for the reference contract of December 2025 reached an average price of €78.19/t, which is the highest since December 2023.
Brent oil futures for the Front‑Month in the ICE market registered a monthly average price of $78.35/bbl. This is the highest monthly value since September 2024.