Tuesday was the warmest day of the week, with maximum temperatures in the Netherlands reaching up to 17 degrees Celsius. Following Tuesday, the wind will gradually ease, which will have an impact on wind power generation. At this time of year, solar power production is already lower than in the height of summer.
On Wednesday, the EPEX day-ahead price for electricity reached just over €84 per megawatt hour, following a night when the quarter-hourly prices barely dropped. The usual morning and evening peak prices remained limited.
In short, mild weather and calmer winds are setting the tone for the energy market this week, with moderate temperatures and stable but unremarkable price fluctuations.
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The TTF gas price for the Cal 2026 contract up to November 4th. Click here for current gas contract prices.
In the energy market update from supplier Engie, the term "Dunkelflaute" makes an appearance. This German word describes periods of dark, windless weather—conditions that last year led to prolonged spells of high electricity prices.
Engie also points to a recent rise in CO₂ prices, which caused some turmoil in the market and a corresponding reaction in electricity prices. On Monday, CO₂ prices climbed to €81.20 per tonne, the highest level since February of this year. The electricity price for next-month delivery rose by nearly €4 per megawatt hour (about 4%), driven by increases in both CO₂ and gas prices. This brings the contract for the upcoming delivery period close to €100/MWh for the first time in months.
Meanwhile, the climate ministers of the 27 EU member states have finally reached an agreement on a new 2040 climate target after a full day and night of negotiations. According to NOS, the agreed goal—a 90% reduction in CO₂ emissions by 2040—is somewhat weaker than the original proposal from European Commissioner Wopke Hoekstra. The talks took place under significant pressure, as the EU aims to present this climate target later this month at the climate summit in Brazil. Arriving at the summit without a clear target would have been a blow to the EU's reputation as a leader in climate policy.
The United Nations Environment Programme (UNEP) has warned that the Paris Climate Goal, to limit global warming to no more than 1.5 degrees Celsius, will not be met. The agency expects that this temperature threshold will, at least temporarily, be exceeded. According to UNEP, countries are still failing to take sufficient measures to prevent this from happening.
The (day-ahead) market price for electricity is on average 30% higher in the morning peak and 50% higher in the evening peak than at midnight. In the afternoon, the average electricity price is actually 50% lower.
— Martien Visser (@BM_Visser) November 5, 2025
The trough has deepened significantly since 2021; the peak is almost unchanged.#chartoftheday pic.twitter.com/RXtbRcU4MA
