During the week of September 15, solar PV production increased in most major European electricity markets compared to the previous week. Following the declines of the previous week, the French and Italian markets recorded the largest increases, 25% and 20% respectively. The German market saw a 10% increase in solar production after four weeks of downward trends. The Spanish market recorded the smallest increase, 0.8%. In this case, this was the third consecutive week of increases.

Three major European markets set new all-time highs for photovoltaic production for a September day. The Spanish and Portuguese markets broke the previous week’s records, generating 204 GWh and 26 GWh on September 15 and 17, respectively. Two days later, on September 19, the French market reached its record, generating 131 GWh.

Despite the daily record, the Portuguese market experienced a 3.3% decline in weekly solar production.

During the week of September 22, according to AleaSoft Energy Forecasting ‘s solar production forecasts , the upward trend will reverse and solar photovoltaic production will fall in the Spanish, Italian, and German markets.

Source: Prepared by AleaSoft Energy Forecasting with data from ENTSO-E, RTE, REN, REE and TERNA.

Source: Prepared by AleaSoft Energy Forecasting with data from ENTSO-E, RTE, REN, REE and TERNA.

During the week of September 15, wind energy production increased in the German and Italian markets compared to the second week of September, by 93% and 2.0% respectively, continuing the increases of the previous three and two weeks in each market. In contrast, in the Portuguese, Spanish, and French markets, wind energy production fell by 39%, 4.2%, and 1.5%, respectively. This was the second consecutive week of declines for the French and Spanish markets, while the Portuguese market reversed the upward trend of the previous week.

On September 16, the German market generated 944 GWh of wind energy production, a level not seen since mid-January 2025. Similarly, on September 21, daily wind energy production in the Portuguese market reached 73 GWh, a level last seen at the end of April 2025.

In the week of September 22, according to AleaSoft Energy Forecasting ‘s wind energy production forecasts , wind energy production will decrease in the German, French, Spanish, Portuguese, and Italian markets.

Source: Prepared by AleaSoft Energy Forecasting with data from ENTSO-E, RTE, REN, REE and TERNA.

Electrical demand

During the week of September 15, electricity demand increased in most major European electricity markets compared to the previous week. The Spanish and British markets recorded the largest increases, of 5.7% and 4.3%, respectively, reversing the downward trend observed the previous week. The Portuguese, French, and German markets showed smaller increases in demand, of 1.9%, 1.5%, and 1.2% in each case. This was the fourth consecutive week of demand growth in the Portuguese and German markets. In the French market, demand increased for the second consecutive week. In contrast, in the Belgian and Italian markets, demand fell by 1.3% and 1.1%, respectively. In the Belgian market, this downward trend continued for the second consecutive week. The Italian market, after four weeks of rising demand, reversed the upward trend.

During the week, average temperatures rose in all the markets analyzed, ranging from 0.1°C in Italy to 1.9°C in Germany.

For the week of September 22, according to AleaSoft Energy Forecasting ‘s demand forecasts , demand will increase in the French, British, and Belgian markets. However, demand is expected to decrease in the Portuguese, Spanish, German, and Italian markets.

Source: Prepared by AleaSoft Energy Forecasting with data from ENTSO-E, RTE, REN, REE, TERNA, National Grid and ELIA.

European electricity markets

In the third week of September, the average prices of most of the main European electricity markets fell compared to the previous week. The exceptions were the MIBEL market in Spain and Portugal, with a 21% increase, and the EPEX SPOT market in France, with a 25% rise. The IPEX market in Italy registered the lowest price drop, of 1.4%. In contrast, the Nord Pool market in the Nordic countries recorded the largest percentage drop in prices, of 53%. In the rest of the markets analyzed by AleaSoft Energy Forecasting , prices fell between 19% in the N2EX market in the United Kingdom and 45% in the EPEX SPOT market in Germany.

During the week of September 15, weekly averages were below €60/MWh in most European electricity markets. The exceptions were the Spanish, Portuguese, and Italian markets, whose averages were €74.34/MWh, €74.39/MWh, and €109.61/MWh, respectively. The Nordic market recorded the lowest weekly average, at €21.55/MWh. In the rest of the markets analyzed by AleaSoft Energy Forecasting , prices ranged from €32.91/MWh in the French market to €58.33/MWh in the British market.

Regarding daily prices, on Sunday, September 21, the Nordic market reached the lowest weekly average among the markets analyzed, at €2.57/MWh. Meanwhile, on Monday, September 15, daily prices in most European electricity markets were below €15/MWh. On that day, the German market recorded its lowest price since January 2. The Belgian, British, and Dutch markets reached their lowest prices since May, while the French market recorded its lowest price since June.

Meanwhile, the Italian market recorded daily prices above €100/MWh for almost the entire third week of September. On September 19, this market reached its highest daily average of the week, at €116.05/MWh.

During the week of September 15, increased solar production, as well as a slight decline in weekly gas prices, contributed to lower prices in most European electricity markets. Demand also fell in Belgium and Italy, while wind production increased in the German and Italian markets. However, in the Spanish, French, and Portuguese markets, increased demand and decreased wind production contributed to higher prices. Solar production also fell in Portugal.

AleaSoft Energy Forecasting ‘s price forecasts indicate that, in the fourth week of September, prices will increase compared to the previous week in most of the main European electricity markets, influenced by the decline in wind and solar energy production. Furthermore, demand will increase in some markets.

Source: Prepared by AleaSoft Energy Forecasting using data from OMIE, EPEX SPOT, Nord Pool and GME.

Brent, fuels and CO ₂

In the first sessions of the third week of September, the closing prices of Brent oil futures for the Front-Month on the ICE market continued the upward trend initiated at the end of the previous week. On Tuesday, September 16, these futures reached their weekly maximum closing price of $68.47/bbl. Prices subsequently fell. On Friday, September 19, these futures registered their weekly minimum closing price of $66.68/bbl. According to data analyzed by AleaSoft Energy Forecasting , this price was 0.5% lower than that of the previous Friday.

Planned OPEC+ production increases, as well as concerns about demand, caused Brent oil futures prices to remain below $69/bbl during the third week of September. Interest rate cuts in the United States contributed to concerns about oil demand, as these cuts respond to the country’s economic and employment situation, which could have negative consequences for demand.

Regarding TTF gas futures on the ICE market for the Front-Month period, on Monday, September 15, they registered their weekly minimum settlement price of €32.15/MWh. Prices subsequently increased. As a result, on Thursday, September 18, these futures reached their weekly maximum settlement price of €32.95/MWh. On Friday, September 19, after a 2.0% drop compared to the previous day, the settlement price was €32.31/MWh. According to data analyzed by AleaSoft Energy Forecasting , this price was 1.1% lower than that of the previous Friday.

In the third week of September, abundant supplies of liquefied natural gas, combined with declining gas demand due to mild temperatures and high wind production, kept TTF gas futures prices below €33/MWh.

Regarding _CO2 emission rights futures on the EEX market for the December 2025 reference contract, settlement prices were above €76/t during the third week of September. On Monday, September 15, they registered their minimum weekly settlement price of €76.75/t. However, on Thursday, September 18, these futures reached their maximum weekly settlement price of €77.82/t. According to data analyzed by AleaSoft Energy Forecasting , this price was the highest since February 15. On Friday, September 19, the price was slightly lower, at €77.55/t. Even so, this price was 2.3% higher than that of the previous Friday.

Source: Prepared by AleaSoft Energy Forecasting using data from ICE and EEX.