AleaSoft Energy Forecasting, June 2, 2026. In May 2026, monthly average prices increased in most major European electricity markets. Higher gas and CO₂ prices, together with lower wind energy production in several markets, contributed to this trend. Germany reached an all‑time record for solar photovoltaic energy production, while Spain, France, Italy and Portugal registered their highest solar energy production for a month of May, and Italy achieved a May record for wind energy production. Brent futures registered their highest monthly average since August 2022.
In May 2026, monthly average prices increased in most major European electricity markets, driven by higher gas and CO₂ emission allowance prices, as well as by the drop in wind energy production in several markets.
Monthly average prices exceeded €75/MWh in most markets. The British and Italian markets registered the highest prices, with averages of €120.75/MWh and €119.35/MWh, respectively. In contrast, the French, Portuguese and Spanish markets remained below €55/MWh.
Compared with April, prices increased in almost all European markets. The Italian market was the exception, with a slight fall of 0.1%.
Compared with May 2025, prices increased in all major European electricity markets. The Spanish, French and Nordic markets registered the largest percentage increases.
As a result of these increases, the British market registered its highest monthly average since March 2025.
Source: Prepared by AleaSoft Energy Forecasting using data from OMIE, RTE, Nord Pool and GME.Solar photovoltaic energy production increased compared with the same month in 2025 in the main European electricity markets. Germany reached an all‑time record for monthly photovoltaic energy production, while Spain, Italy, France and Portugal registered their highest production levels for a month of May. Spain and France also reached the second‑highest monthly production levels in their history.
Wind energy production showed mixed trends. Italy and Portugal increased their generation compared with May 2025, while Germany, France and Spain registered declines. The Italian market reached an all‑time record for wind energy production for a month of May, while Germany and Spain registered their lowest levels for this month in several years.
Electricity demand increased year‑on‑year in most major European markets.
TTF gas futures for the Front‑Month in the ICE market averaged €47.23/MWh, higher than in April 2026 and May 2025. Geopolitical tensions in the Middle East, supply restrictions and concerns about low European storage levels pushed prices up.
CO₂ emission allowance futures in the EEX market for December 2026 increased compared with April and also stood above May 2025 levels.
Brent oil futures for the Front‑Month in the ICE market averaged $103.71/bbl, the highest level since August 2022. Persistent tensions between the United States and Iran and supply disruptions supported this price trend.
