Upward trend continues: gas and CO2 prices edge higher again

From Wednesday onwards wind speeds increased and the weather turned more variable, leading to higher-than-usual wind power generation. Solar output, on the other hand, declined compared to previous weeks. The average Dutch spot price was 66.3 €/MWh — nearly unchanged from the prior week (65.6 €/MWh).

There was little change on the forward markets compared to the week before. Gas extended its upward trend, gaining another 1.3 euros. Prices briefly dipped on Friday following a tweet from President Trump, in which he threatened to impose 50% tariffs on European goods starting June 1.

TTF for June and July closed at 36.5 and 36.6 €/MWh, respectively. CO2 rose slightly, with the December 2025 contract closing 0.5 euros higher at 71.6 €/EUA. Coal prices also increased, with summer-month contracts up by 2 to 3 euros — for example, June rose by 2.6 euros to 87 €/Ton.

Due to the continued rise in gas and CO2 prices, Dutch power forwards also moved higher. June increased by 1 euro to 73.4 €/MWh, and July rose 2.5 euros to 79.3 €/MWh. As a result, clean spark spreads worsened. For June, the spread dropped by 2 euros to approximately -22 €/MWh.