ENTSO-E2026欧洲电力市场研究报告日前日内及远期市场发展

ENTSO-E

MarketReport2026

entsoe

CONNECTINGEUROPE,

ELECTRIFYINGTHEFUTURE

MissionStatement

ENTSO-E-theEuropeanNetworkofTransmissionSystemOperatorsforElectricity-bringstogether40electricityTransmissionSystemOperators(TSOs)from36countries.ENTSO-EmembersareresponsibleforthesecureandcoordinatedoperationofEurope'selectricitysystem.Together,theyoperateasystemofaround500,000kmofpowerlines

-thelargestinterconnectedelectricalgridintheworld-andserveabout520millioncitizens.

Electricityisnotmerelyamarketcommodity,itisanessentialservice,andTSOsarefullyregulatedpublicserviceentitieswhoseworkisessentialtopoweringEurope.ThegridisthebackboneoftheelectricitysystemandhasextendedoverthewholeContinent,beyondthebordersoftheEU.TSOsworkingtogetherguaranteeafunctioninginfrastructurethatmakesthetradeofelectricitypossible,contributestodecarbonisationgoals,andensuresareliableandefficientpowersupplyforallmembersofsociety.

Thesesharedpublicserviceresponsibilitiesneedclosecooperationbeyondnationalborders,whichledtothecreationofENTSO-E.Today,theassociationservestwomaincomplementarypurposes:

1.CooperationofEuropeanTSOs

Thefoundationsofthiscooperationdatebacktothe1950swiththecreationofelectricalsynchronousareasandinterconnections,whichlaidthegroundworkfortoday'sinterconnectedEuropeanpowersystem.TSOsestablishedassociationstoworktogetherontheirownmandatesandmissions,thatcametogetherintowhattodayisENTSO-E.TheEuropeanelectricitysystemisoneofthemoststableandreliablegridsintheworldandissupportedbythecooperationandcoordinationofTSOsbothwithintheEuropeanUnionandcloselyinterconnectedEuropeancountries.ENTSO-Estrivestobuildconsensusfordecision-makingamongstitsmemberTSOsasthisformsthestrongestfoundationforcooperation.

2.FulfillingEUlegalmandates

WiththeadoptionoftheThirdEnergyPackagein2009,ENTSO-E'srolewasformallyrecognisedbyEuropeaninstitutions.ENTSO-EwasgrantedlegallymandatedtaskstofurtherdeveloptheEuropeaninterconnectedgridandtofacilitatetheintegrationofEuropeanelectricitymarkets.Thesemandatescoveralargespectrumoftasks,includingsystemoperation,systemdevelopment,marketintegration,informationtechnologies,R&Dandinnovation.

ENTSO-E

MarketReport2026

ENTSO-EMarketReport2026//3

Contents

ExecutiveSummary 6

1Introduction 8

Electricitymarketsfromlong-termtoreal-time 8

Long-termcapacitycalculation 9

Short-termday-aheadandintradaycapacitycalculation 9

Reportstructure 9

2CurrentandfuturedevelopmentsimpactingtheEuropeanelectricitymarket 11

2.1Developmentoflong-termmarkets-FCA2.0 11

2.2AviewontoEuropeanelectricitymarkets 12

Day-AheadPriceDevelopment 12

ValueofNewTechnologies:Photovoltaics,Wind,andStorage 14

ValueofStorage 15

ValueofPV 16

ValueofWind 17

2.3ImplementationofCEP70minimumcapacitytargets 18

2.3.1MonitoringthefulfilmentoftheCEP70requirement:Whydoseveralreportsexist? 18

2.3.2Overviewofjointassessmentsbyregionfor2025 19

JointassessmentoftheCoreCCR 19

JointassessmentoftheItalyNorthCCR 21

JointassessmentoftheSouth-WestEuropeCCR 22

JointassessmentoftheSouth-EastEuropeCCR 23

JointassessmentoftheGreece-ItalyCCR 25

JointassessmentoftheNordicCCR 26

JointassessmentoftheBalticCCR 27

JointassessmentoftheHansaCCR 28

2.3.3TSOsurgecautioninapplyingtherequirementwithintheIDtimeframe,

assecurityisatstake 29

3ImplementationprogressoftheFCA,CACM,andEBRegulations 31

3.1FCARegulation 31

3.2CACMRegulation 33

3.2.1MaindevelopmentsinAllTSOs'deliverables 33

3.2.2MaindevelopmentsinENTSO-Edeliverables 34

3.2.3MaindevelopmentsinNEMOs'deliverables 35

3.2.4Singleday-aheadandintradaycouplingobservershipand

non-disclosureagreement 36

3.3EBRegulation 37

4//ENTSO-EMarketReport2026

4Forwardcapacityallocation 39

4.1Governance 39

4.2Operations 40

4.2.1Qualityofoperations 42

4.3Expenditures 44

4.4Evolutionofservices 45

4.4.1Operations 45

4.4.2Long-termcapacitycalculationandallocation 45

5MarketCoupling 47

5.1Governance 48

5.1.1SingleDay-AheadCoupling 49

5.1.2SingleIntradayCoupling 49

5.2KeyAchievementsandOperationalPerformance 50

5.2.1SingleDay-AheadCoupling 50

5.2.2SingleIntradayCoupling 53

5.3Expenditures 57

5.3.1ExpendituresinSingleDay-AheadCoupling 58

5.3.2ExpendituresinSingleIntradayCoupling 59

5.4Outlook:MarketEvolution 60

5.4.1SingleDay-AheadCoupling 60

5.4.2SingleIntradayCoupling 62

Annexes 65

AnnexI-Legalreferencesandrequirements 65

AnnexIⅡ-OverviewofAllTSOs'FCA,CACMandEBdeliverables 66

AnnexⅢ-MarketprocessoverviewofFCA,CACM,andEBRegulations 74

AnnexIV-CEP70countryfactsheets 84

AnnexV-DayAheadPrices 112

AnnexVI-Glossary 126

AnnexVII-ListofFigures 130

AnnexVII-ListofTables 132

Draftingteam 133

ENTSO-EMarketReport2026//5

ExecutiveSummary

Overthe2025-2026reportingperiod,Europe'selectricitymarketachievedmajorstrategicadvancesthatsignificantlystrengthenedthefoundationsofanintegrated,future-readyinternalenergymarket.Regulatoryreforms,forward-lookingdesignchoices,andcoordinatedcross-borderdevelopmentscollectivelyacceleratedthetransitiontowardsamoreflexible,resilient,andrenewable-compatiblesystem.

Forwardcapacityallocationcontinuedtoperformreliably,withthesingleallocationplatform(SAP)ensuringconsistentexplicitallocationofcross-zonaltransmissionrightsacrossEurope.TheforthcomingamendmenttotheFCAGuidelineisexpectedtoshapethefuturedesignofforwardmarketsandmayintroducesubstantialchangestolong-term(LT)hedgingarrangements.Inparallel,transmissionsystemoperators(TSOs)andtheJointAllocationOffice(JAO)haveadvancedtheimplementationoflong-termflow-basedallocation(LTFBA)fortheCoreandNordiccapacitycalculationregions(CCRs),withgo-liveplannedfortheendof2026tosupportyearlyandmonthlyproductsfor2027.OngoingupdatestotheHarmonisedAllocationRules(HAR)andSAPmethodologiesarebeingdevelopedtoincorporateanimprovedcollateralframework.Additionally,JAOisprogressingwithamajorrenewalofitsauctioninfrastructurethroughthedevelopmentofthenewOrionplatform,designedtoenhancescalability,resilience,andLTadaptabilityofEuropeanforwardcapacityallocationsystems.

Short-termmarketintegrationadvancedsuccessfullythroughthefullrolloutofthe15-minutemarkettimeunit(MTU)inboththeday-ahead(DA)andintraday(ID)markets.Thismilestoneenhancestheprecisionofsupplyanddemandmatching,whichisincreasinglyvitalasrenewablegenerationintroducesgreatervariability.Byenablingmoredynamicresponsestoshort-termfluctuations,thenewgranularitysupportstheseamlessintegrationofnewtechnologies.

Atthesametime,progressintheimplementationofflow-based(FB)capacitycalculation-includingtheadoptionofadvancedhybridcoupling(AHC)-aimstomakecapacityallocationmoreefficientandreflectiveofactualgridconstraintsacrosstheregions.Thesemethod-ologicalenhancementsareinstrumentalinmaximisingsocialwelfareandusingEurope'sinterconnectedgridmoreefficiently.

TheperiodalsosawEuropestrengthenitsregionalenergycooperation.Withtheentryofadditionalobserversfromneighbouringsystems,theEuropeanmarketcouplingframe-workisexpandingitsreach.ThisbroaderparticipationwillenhancemarketdepthandsupportLTenergysecurityandregionalalignmentonmarketdesignprinciples.

Overall,theyearwasdefinedbystructuralprogressratherthanincrementaladjustments.Regulatorypreparation,methodologicalinnovation,andcross-bordercollaborationhavetogetherlaidthegroundworkforthenextphaseofEurope'senergymarketevolution.Theachievementsofthisperioddemonstratethesector'scollectiveabilitytoanticipatesystemneeds,modernisemarketframeworks,andadvanceEuropetowardsamoreintegrated,flexible,andresilientelectricitysystem.

Themainachievementsin2025-2026

>Toharmonisemarketgranularitywiththeimbalance

settlementperiod(ISP)andenhancemarketefficiency,the

15-minuteMTUwassuccessfullyimplementedintheDA

marketon1October2025,followingitsgradualintroduc-

tionintheIDmarketovertheprecedingmonths.

>Tocomplywithrelevantregulatoryrequirements,the

intradaycross-zonalgateclosuretime(IDCZGCT)was

reducedfrom60to30minuteson14January2026across

multiplebiddingzoneborders(BZBs)incountrieswherethe

derogationprovidedforintheregulationwasnotdeemed

necessary.

>Toprovidethemarketwithascalableandreliablesystem,JAOiscurrentlydevelopingabrand-newLTauction

platform.

>Tofurtherdevelopcross-borderhedgingopportunities,thefunctionaltestingofLTFBAwassuccessfullycompleted.Theprojectremainsontrackforgo-liveinNovember2026.Tostrengthenregionalcoordinationandcapacitycalculationefficiency,TSOsdeliveredupdatedCCRmethodologies,includingnewandexpandedregions,approvedbytheAgencyfortheCooperationofEnergyRegulators(ACER)inDecember2025.

>Toimproveefficiencyincross-zonalcapacity(CZC)allocation,AHCwasimplementedintheCoreCCRfortheDAtimeframeinJune2026.

>ToenhancecollateralmanagementformarketparticipantsinaLTFBauctionsetup,TSOsandtheSAParealreadyworkingonimprovementsfortheperiodafterthego-live

ofLTFBA.

>Toincreaseliquidityandintegrationinbalancingmarkets,multipleTSOsjoinedthePICASSO(aFRR)andMARI(mFRR)platformsthroughout2025,significantlyexpandingcross-borderparticipation.

>Todelivermeasurableeconomicbenefits,European

balancingplatformsgeneratedoverEUR1.18billionin

surplusin2025,drivenbyenhancedimbalancenettingandoptimisedbalancingactivations.

ENTSO-EMarketReport2026//7

1Introduction

Eachyear,ENTSO-EmonitorsthedevelopmentoftheEuropeanelectricitymarkets.Thismonitoringcoversthevarioustimeframesinwhichelectricityistraded,rangingfromLTtoDA,ID,andbalancingmarkets.The2026editionoftheENTSO-EAnnualMarketReportcoverstheperiodfromJune2025toMay2026.ThereportisformallysubmittedtoACERandispublishedontheENTSO-Ewebsitefollowingthereportingperiod.

Electricitymarketsfromlong-termtoreal-time

Despitetheincreasingintegrationofstorageunitssuchas

batteries,electricityremains,broadlyspeaking,acommodity

thatcannotbestoredonalargescale.Itmustbegenerated

atthemomentitisconsumed,inrealtime.However,tradingofelectricityoccurslongbeforethispointintimeandacrossmultiplemarkettimeframes.TSOscontinueto

playacentralroleinenablingtheefficientfunctioningof

theEuropeanelectricitymarketsbyprovidingtheoptimal

levelofcross-bordertransmissioncapacityacrossallmarketstages-fromLTplanningtoreal-timeoperations.

Thefurtherintegrationofmarketsacrossalltimeframes,supportedbyharmonisedprocessesandregulatoryframeworks,enhancestheefficiencyandresilienceoftheEuropeanpowersystem.Thismarketintegrationultimatelydeliversincreasedsecurityofsupply,morecompetitiveprices,andgreatervalueforallEuropeanconsumers.

DecisionsbymarketpartiesCentralcoordinationbyTSOs

TSOsprocurebalancingreserves

Activationof

balancingreserves

Forward

markets

Day-aheadmarkets

Intradaymarkets

Balancing

market

Continuous

day-aftermarket

Years/months/weeksahead

Day-aheadauctionfor

everyquarter-hourofthenextday

Gateclosure

10p.m.10a.m.

DAprocess

4p.m.

Day-after

Realtime/delivery

(D-1)(D)

12a.m.

(D-1)

3p.m.

(D-1)

Figure1.1:0verviewofdifferenttimeframesofthewholesaleandbalancingmakets¹

1Whereapplicable

8//ENTSO-EMarketReport2026

Long-termcapacitycalculation

Asof2026,TSOscontinuetodeterminetheappropriatelevelofLTcross-bordertransmissioncapacityuptooneyearaheadoftheactualdeliverydate.Incertainspecificcasesandjurisdictions,capacitycalculationswithatwo-year-aheadhorizonhavealsobeenimplemented.Thiscapacityiscalculatedfortheborderstheymanageandformsthebasisfortheallocationoflong-termtransmissionrights(LTTRs),whichareofferedthroughexplicitauctionsviatheSAP,operatedbytheJAO.DeterminingLTcapacityremainsacomplextaskduetothehighlevelofuncertaintyassociatedwithextendedleadtimes.TSOsmustmakeinformedassumptionsandensurethattheallocatedtransmissionrightscanbehonouredthroughouttheproductperiod.Factorssuchasunexpectedoutages,evolvingnetworkconditions,andvariationsingenerationandconsumptionpatternsmustallbeconsidered.

Unlikenear-real-timecapacitycalculations,LTassessmentsmustbemadewithsignificantlylessreliableinputdata,makingthisprocessfundamentallydifferent.

TheCommissionRegulation(EU)2016/1719establishingaguidelineonforwardcapacityallocation(“FCARegulation”),inforcesince17October2016,continuestoprovidetheregulatoryframeworkforthecalculationandallocationofLTTRs.ItalsooutlinesrulesforthefinancialcompensationofLTTRholdersintheeventofcurtailmentduetocapacityrecalculationsbeforetheDAtimeframe.Theoverarchingaimistosupportmarketparticipantsineffectivelyhedgingcross-bordertradingrisksinscenarioswhereforwardelec-tricitymarketsdonotoffersufficienthedginginstruments.

Short-termday-aheadandintradaycapacitycalculation

AsTSOsmoveclosertotheactualdeliverytime,theycanmakemoreaccurateforecastsofsystemconditions.Thisallowsforamoreprecisedeterminationoftheavailablecross-zonaltransmissioncapacitybetweenbiddingzones(BZs).Physicalconstraintsinthetransmissionnetworkaretranslatedintocommercialconstraints,whicharethenfactoredintothemarket-clearingalgorithmsthatdeterminepricesandcross-zonalflows.In2026,capacitycalculationsforshort-termtimeframes-suchasDAandID-areconductedacrossseveralstages.TheseincludetheDAcalculationatseveralstages,includingtheDAcapacitycal-culationfollowedbyasequenceofIDcapacitycalculationsandcontinuouscapacityassessmentsonthedayofdelivery.

Congestionissuesthatariseaftertheallocationphaseare

addressedthroughremedialactions,suchascountertradingorredispatching,coordinatedinrealtimebyallaffectedTSOstomaintainsystemstability.TheCommissionRegulation(EU)2015/1222establishingaguidelineoncapacityallocationandcongestionmanagement("CACMRegulation”)continuestoserveasthelegalbasisfortheimplementationofanintegratedEuropeanelectricitymarketintheDAandIDtimeframes.ItdefinestheprinciplesforcalculatingCZCsandthemethodologiesforcapacityalloca-tioninthesetimeframes,supportingefficientpriceforma-

tionandcross-borderelectricitytrade.

Reportstructure

Thisreportisprimarilystructuredaccordingtothetimeframesdescribedabove:

>Chapter2providesinsightsandENTSO-EpositionsoncurrentandfuturedevelopmentsimpactingtheEuropeanelectricitymarket.

》Chapter5outlinesthecurrentsituationintheachievementsofasingleEuropeanDAandIDcouplingprocessaccordingtotheCACMRegulation.

>Chapter3introducestheprogressoftheelectricitymarketacrossalltimeframespreviouslydescribed.

>Chapter4providesadetailedoverviewofthecommonEuropeanprocessesofLTelectricitytradingandtransmissioncapacity.

>Theannexesincludeadditionalinformation,suchasamarketprocessoverviewoftheFCA,CACM,andElectricityBalancing(EB)Regulations,aswellasanexplanationofhowTSOscomplywiththe70%minimumcapacitytargetrequirementpercountry.

ENTSO-EMarketReport2026//9

Currentandfuture

developmentsimpactingtheEuropeanelectricitymarket

2.1Developmentoflong-termmarkets-FCA2.0

InviewoftheEuropeanCommission's(EC's)ongoingimpactassessmentonthefuturedesignoftheEUcross-borderforwardmarketsinelectricity,ENTSO-EispreparingforanamendmentoftheFCARegulationin2026("FCA2.0").Tothatend,in2025,ENTSO-Epublishedaseriesofpoli-cypapersoutliningthemajorchallenges(seeadditionalreferencesbelow).

ElectricityMarketDesignRegulation(EU)2024/1747(EMDR)obligesTSOstoprovidehedgingopportunitiestomarketparticipantsbyissuingcross-zonalforwardelectricitycontracts(i.e.LTTRsorequivalentmeasures)unlessanassessmentoftheforwardmarketontheBZBsperformedbythecompetentregulatoryauthoritiesshowsthattherearesufficienthedgingopportunitiesintheBZsconcerned.Moreover,NationalRegulatoryAuthorities(NRAs)mayrequireimplementingadditionalmeasuresiftheydeterminethatinsufficienthedgingopportunitiesareavailableformarketparticipants.ThecurrentRegulation2016/1719(“FCARegulation”)setsouttheregulatoryframeworktodeterminethevolumeandauctioningofLTTRs.TSOssettletransmissionrightsusingcongestionincome(CI).Thisregulatoryinstrumentenablesmarketparticipantstohedgeagainstvolatilepricedifferentialsacrossshort-termzonalelectricitymarkets.

Asoftoday,itischallengingtofullyassessthesocioeco-nomicbenefitsofregulatorysupporttofutures/forwardmarketsintheformofLTTRs.Policy-makersandregulatorsmustbeawareanddecideonthelevelofriskandassociatedcoststheyimposeonTSOsandhenceontariffpayers.ENTSO-Ecallsforasoundandcontinuousregulatoryassessmentoftheassumedbenefitsandcostsofprovidinghedgingopportunities,includingtheimpactonthesystem'saffordability.ForeachBZ,theregulatorydecisionforsupportingforwardmarketsmustbeunderscoredbyathoroughandrecurringassessmentofmarketparticipants'needsandexisting(market-based)hedgingopportunities.Thisassessmentbecomesevenmorerelevantbeforein-troducingmajorchangestothecurrentmarketdesignandrelevantproductsinlightofFCA2.0.Moredetailsontheas-sessmentcanbefoundinthededicatedENTSO-EAdyocacyPaperonHedgingAnalysis.

Whereregulatorysupportisdeemednecessary,thedesign

oftheregulatoryinstrumentsshouldstrikeastrongbalancebetweentheexpectedbenefits,forexamplefortheelectric-itytraders,andtheassociatedcostsorriskforTSOsand,ultimately,thetariffpayers.ENTSO-EisconvincedthatastraightforwardmaximisationofLTTRvolumeswillnotleadtobetterhedgingandamoreaffordableelectricitysystem.

Asageneralprinciple,ClmustbeusedforobjectivessetoutinArticle19ofRegulation(EU)2019/943.ENTSO-Ewouldliketoemphasisethetrade-offwhenallocatingCltothevariouspolicyobjectives.SincetheadoptionoftheEMDRinJuly2024,differentbeneficiariescompetefortheuseofCI:first,marketparticipantswhoholdLTTRsareremunerated.TheremainingnetClisthensplitbetweentariffpayers-forallusespertainingtomaintainingorincreasinggridcapacitythatwouldotherwisebefundedthroughTSOtariffs-andoffshoregenerators,throughthetransmissionaccessguaranteethatcoversspecificcommercialrisksassoci-atedwithoffshoreBZs.Legislatorswillneedtodeterminetheappropriatebalanceandclearprioritisationofthesebeneficiaries.

ENTSO-Econsidersthefollowingmeasurestoensureacost-efficientapproach.Theexistingshortcomingsoftheelectricityforwardmarketsshouldnotbeaddressedthroughdisruptiveregulatoryinterventionssuchasimposingregionalvirtualhubs.Shouldzone-to-hubLTTRsbecomeapossibility,itshouldbeensuredthattheidentified"hub"isthemarketwheremarketactivityisconcentrated.Safeguardsshouldbeimplementedtoensurethatzone-to-hubLTTRsarenotlinkedtoilliquidhubs.ENTSO-EcontinuestoexploremorepromisingalternativestothevirtualhubmodelthatcouldserveastargetmodelsforAllTSOs,pendingpositive

regionalassessments.FurtherdetailsonthemodelscanbefoundinthededicatedENTSO-EAdvocacyNoteonForwardMarkets.

ENTSO-EMarketReport2026//11

Toensureacost-efficientapproach,revenueadequacyisanimportantfactortoconsider.ItiscloselylinkedtovolumedeterminationaswellasundervaluationofTSO-issuedproducts.Thevolumeofhedgingproductsofferedmustbesufficienttomeetmarketparties'hedgingneedswithoutendangeringthefinancialsecurityofTSOsandtariffpayers.CoordinationbetweenTSOsandNRAswillincreasinglyfocusonmanagingfinancialriskexposure.ThisriskcanbereducedbyadjustingthevolumeofLTTRs(revenueadequacyfeedbackloop)oradditionalsafetynets,suchasasupplyfunction.AsupplyfunctionorreservepriceswouldenableTSOstoadjustthevolumeofferedbasedonpricelevels,incontrasttothecurrentsituation,wherethevolumeofferedispriceinelastic.ENTSO-E'skeyprinciplesforvolumedeterminationcanbefoundinthededicated

ENTSO-EAdvocacyNoteonVolumeDetermination.

ThevolumeofhedginginstrumentsalsoinfluencesthepotentiallevelofcollateralrequirementsforTSOs.TheburdenofsuchrequirementsonTSOs'tradingfinancialderivativesisamajorconcernandmustbecarefullyconsideredinanyproposalsinvolvingTSOparticipationinforwardmarketde-sign.BasedonTSOinternalstresstestsusing2022data,

collateralrequirementscouldreachseverabillioneurosforsomeTSOsinextrememarketconditions,resultinginhighcollateralcosts.Thestresstestalsoshowedpotentialliquid-ityrisksduetodailyvolatilityinmargincalls,requiringTSOstoinjectuptoEUR1billiononshortnotice.Theoperationalfeasibilityofthiscannotbeconfirmed.FurtherinformationontheENTSO-EpositiononcollateralrequirementscanbefoundintheENTSO-Eadvocacypaperoncollateral.

Inadditiontothepointsmentionedabove,thetopicoffullfinancialfirmnessmustalsobereconsidered.Firmnesstransfersadditionalriskfrommarketparticipantstoendconsumers,whichmustbemitigated.Giventherecentchangesintheriskenvironmentrelatedtotheenergyinfrastructure(suchastheEstlink2incident),theabilitytocurtailfinancialtransmissionrightoptionsinthecurrentsetupontheTSOsideisessentialtoavoidunlimitedliabili-tiesthatcouldsignificantlyincreasefinancialriskforTSOsand,ultimately,endconsumers.MoreonthistopiccanbefoundintheENTSO-EadvocacypaperonFTRcurtailment.TSOsareopentoevolvingLTTRsintofullyfirmproducts,providedthatregulatorsestablishanagreedcost-recoverymechanism.

2.2AviewontoEuropeanelectricitymarkets

Day-AheadPriceDevelopment

In2025,DAelectricitypricesin24Europeancountries

sawaslightoveralldecreasecomparedtothepreviousyear,largelydrivenbylowernaturalgasprices.Althoughsomepricespikesoccurredduringthesummerandinselectedwinterweeks,theaverageDApriceacrossallEuropeancountriesremainedbelow125EUR/MWh.TheDAmarketcontinuedtofunctioneffectivelywithinthenomi-natedelectricitymarketoperator(NEMO)-TSOframework,providingclearandefficientpricesignalsthatsupportelec-tricitygenerationwhereitismostcost-efficient,ultimatelycontributingtoloweroverallsystemcosts.

Mediaattentionoftenfocusesonextremepriceevents,both

highpricepeaksandperiodsofnegativeprices.Whilepric-esabove200EUR/MWhandbelowOEUR/MWhdooccur,thebroaderEuropeanpriceleveltypicallycentresaround100EUR/MWh,withvariationsbetweencountriesasshown

inFigure2.1:DApricedistributioninEurope.Pricesaround

thislevelaremostoftensetbyconventionalpowerplants.Atthesametime,thegrowingshareofperiodswithpricesat0EUR/MWh,drivenbyrenewablegenerationsettingthemar-ginalprice,isclearlynoticeable,althoughitstillrepresentsarelativelysmallportionofthetotalhours.

Thecurrentpricedistributionalignswellwithexpectationsforamarketbasedonthemarginalcostofgeneration.Electricityproductionisincentivisedtooccurwherecostsarelowest,independentoftechnology.Thisdemonstratestherobustnessofthemarketdesignanditscontinuedeffectivenessindeliveringreliable,transparent,andefficientpricesignalsacrossEurope.Country-specificpricedistributioncanbefoundinAnnexIV.

12//ENTSO-EMarketReport2026

/MWhDistributionofDAPrices-EUWIDE

1,000—

800-

600

400-

200-

-200

-400

-600

202320242025June2025-June2026

Figure2.1:DApricedistributioninEuropefor2023-2026,basedonDApricedatafromtheENTSO-ETransparencyPlatformacross24European

countries.Thedottedlinesrepresentthemeanandinterquartileranges.

/MWhDistributionofDAPrices-EU

300-

250

200

150-

100-

50-

-50

—100—

202320242025June2025-June2026

Figure2.2:Zoomed-inDApricedistributioninEuropefor2023-2026,basedonDApricesfromtheENTSO-ETransparencyPlatformacross24Europe-ancountries

ENTSO-EMarketReport2026//13

0-75EUR/MWh

76-100EUR/MWh

■101-125EUR/MWh

■126-200EUR/MWh

Figure2.3:AverageDApricefortheperiodfrom1June2025through1June2026,basedonDApricesfromtheENTSO-ETransparencyPlatformacross24Europeancountries

ValueofNewTechnologies:Photovoltaics,Wind,andStorage

TheDAelectricitypricecontinuestoserveastheprimaryreferencepriceforvaluingelectricityacrossEurope.Asthepowersystemincreasinglyintegratesrenewable