Analysis October
2025

European electricity market prices rise in October while photovoltaic and wind energy set records

AleaSoft Energy Forecasting, November 4, 2025. Prices rose in October in most major European electricity markets, exceeding €75/MWh and remaining above September levels. In the Iberian market, the monthly price reached its highest level since March. The increase in electricity demand and the rise in CO₂ prices, which registered their highest monthly average since December 2023, drove this upward trend. In contrast, gas and Brent oil futures fell to their lowest monthly averages since May 2024 and March 2021, respectively. Meanwhile, photovoltaic and wind energy reached production records for an October month in most markets.

In October 2025, the monthly average price exceeded €75/MWh in most major European electricity markets and was higher than in September.

The MIBEL market of Spain and Portugal reached the highest monthly price since March.

Source: Prepared by AleaSoft Energy Forecasting using data from OMIE, EPEX SPOT, Nord Pool and GME.

The main European markets registered all‑time records for solar photovoltaic energy production for an October month. Spain registered the highest generation, 3992 GWh, followed by Germany with 3865 GWh. Italy, France and Portugal registered productions of 2464 GWh, 2323 GWh and 497 GWh, respectively.

Germany, France and Italy registered all‑time records for wind energy production for an October month. The German market generated 16 630 GWh, the French market produced 5254 GWh and the Italian market registered 2351 GWh of production from this technology.

Electricity demand increased in most major European markets both year‑on‑year and compared to September.

The average value of TTF gas futures in the ICE market for the Front‑Month was €31.92/MWh, the lowest monthly average since May 2024.

CO₂ emission allowance futures in the EEX market for the reference contract of December 2025 reached an average price of €78.55/t in October, the highest monthly average since December 2023.

The monthly price of Brent oil futures for the Front‑Month in the ICE market, $63.95/bbl, was the lowest since March 2021.