Rising gas prices push Dutch power prices sharply higher

Power
Dutch day-ahead baseload prices surged in Week 37, averaging €168.6/MWh, up €45.7/MWh week-on-week from €123.0/MWh in Week 36. Peak power rose even more sharply, averaging €146.4/MWh against €86.8/MWh in the prior week, a gain of €59.6/MWh. The upward move was driven by a combination of factors on both the demand and supply side. Solar output declined in line with the seasonal curve as the region moved further into September, reducing midday oversupply and shrinking the negative-price window that had capped prices for much of the summer. Wind generation was also weaker across the week, tightening the renewable supply cushion further. On top of this, the sharp rise in TTF gas prices lifted the short-run marginal cost (SRMC) of gas-fired generation substantially, pushing the marginal price-setting unit higher across most hours and providing a direct pass-through into spot power prices. The combination of seasonal solar decline, weak wind, and elevated gas SRMC pushed Dutch prices to some of the firmest levels seen since the early-year.