Key facts
- French day-ahead power settled at 334 euros per MWh on Monday, the highest since December 2022, per Bloomberg-compiled data.
- German day-ahead power settled at 345.64 euros per MWh, with peak evening slots above 600 euros per MWh.
- Wind and solar output across the UK, Germany and France was below normal on Monday and expected to stay low until at least midweek.
- With renewables weak, gas-fired plants using Europe's most expensive gas in four years set the electricity price.
- The UK's National Energy System Operator canceled a Sunday margin notice warning of tight Monday morning supply.
- Mind Energy said low hydropower reservoirs and high gas prices were pushing Nordic power prices higher.
Day-ahead electricity prices in France and Germany settled at their highest levels since December 2022 on Monday, November 9, 2026, as a weather front brought still and cloudy conditions to some of Europe's largest power markets.
French day-ahead power settled at 334 euros ($374) per megawatt-hour in a Monday auction on Epex Spot, according to data compiled by Bloomberg. German day-ahead prices settled at 345.64 euros ($386) per MWh, with spikes above 600 euros ($672) per MWh for some peak evening slots.
Wind and solar generation across the UK, Germany and France was below normal on Monday and was expected to remain so until at least the middle of the week, with the wind shortfall especially pronounced in Germany, the UK, Belgium and the Netherlands. With renewables weak, gas-fired plants using the most expensive gas in Europe in four years were setting the electricity price.
The UK's National Energy System Operator issued a routine margin notice on Sunday warning of tight power supply on Monday morning local time. The notice was canceled on Monday morning, after wind generation dipped over the weekend.
Separately, Mind Energy, a Denmark-based energy trader, said low water levels in hydropower reservoirs and high natural gas prices were putting upward pressure on Nordic power prices as winter approaches. In its November recap, Mind Energy said "Winter is upon us, and panic is evident across the European energy markets, which had clearly underestimated the seriousness of the situation earlier in the year." The analysts said October gas price spikes and "severe hydrological pressure on the Nordics ahead of winter" could push electricity prices higher in the coming months.