AleaSoft Energy Forecasting, December 2, 2025. In November 2025, the main European electricity markets registered price increases compared to October, except for the Iberian market, which registered its lowest level since June. Photovoltaic energy production reached record levels for a November month and wind energy production increased in most markets. Demand rebounded due to colder temperatures. TTF gas and Brent futures registered their lowest monthly averages in months, while CO2 futures reached their highest level since 2023.
In November 2025, most major European electricity markets registered monthly average prices above €85/MWh, and higher than in October.
Source: Prepared by AleaSoft Energy Forecasting using data from OMIE, EPEX SPOT, Nord Pool and GME.The Nord Pool market of the Nordic countries, the EPEX SPOT market of Germany, Belgium, France and the Netherlands, the IPEX market of Italy and the N2EX market of the United Kingdom reached their highest monthly values in recent months.
Italy was the market with the highest monthly price, €117.09/MWh.
In contrast, prices in the Iberian MIBEL market fell compared to October, reaching their lowest level since June. Moreover, the Spanish market registered in November the lowest monthly average among the main European markets, €58.65/MWh.
The main European markets reached all‑time highs in solar photovoltaic energy production for a November month. However, generation decreased compared to October due to the seasonal reduction in sunlight hours and solar irradiation.
Wind energy production increased in most major European electricity markets, both compared to October and year‑on‑year.
Electricity demand increased compared to October in the main European markets, and also year‑on‑year in most of them, driven by colder temperatures both in comparison with October and, in many cases, with November 2024.
TTF gas futures in the ICE market for the Front‑Month registered their lowest monthly average since May 2024, €30.77/MWh.
CO₂ emission allowance futures in the EEX market for the reference contract of December 2025 reached their highest monthly average since December 2023, €81.14/t.
Brent oil futures for the Front‑Month in the ICE market registered a monthly average price of $63.66/bbl in November 2025, the lowest since March 2021.
