European Power Prices Set to Close Week Below Pre-War Levels

European power futures are trading below where they were before the Middle East war began, amid a surge in renewables generation coupled with easing gas prices driven by optimism over a ceasefire.

German month-ahead power futures are trading at about €78 a megawatt-hour, below the €80.57 close on Feb. 27 before the conflict started, according to data from EEX. It’s the second week running that they have traded largely below pre-war levels. The equivalent French contract is also lower than before the war, at about €23.60 a megawatt-hour.