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Reports European electricity market summary: Q3 2025

European electricity market summary: Q3 2025

From negative prices to nuclear surprises - what shaped the EU power market this summer?

Get a clear view of what drove the European electricity markets between July and September. This free report captures shifts in generation, pricing, and imports across 30+ countries.

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What happened in Q3?

Negative prices surged across the continent, driven by record-breaking renewable output and weak demand. Solar generation hit an all-time Q3 high, while wind also posted its strongest third-quarter performance.

At the same time, nuclear faced mixed fortunes. French output rose slightly, but Belgium and Sweden saw sharp declines. Lower rainfall also limited hydropower, especially in the Nordics.

Despite these pressures, average gas prices remained relatively stable. However, persistent infrastructure issues and geopolitical risks kept the market on edge.

Who should read this?

This report is essential if you’re tracking the evolution of the European electricity mix:

  • Power traders can spot regional pricing patterns and volatility triggers

  • Utilities get data on generation shifts and cross-border flows

  • Developers and policymakers gain insight into the impacts of curtailment, regulation, and weather

  • Analysts benefit from a cross-market view of supply, demand, and structural risks

GB electricity market summary: Q3 2025

Renewables hit a Q3 record. What does it mean for prices, demand, and supply in Great Britain?
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Key takeaways

  1. Negative prices hit record highs Over 500 hours of negative prices were recorded in the Netherlands, Spain, and Sweden’s SE2 zone, with Germany, France, and Belgium not far behind.
  2. Solar leads generation growth Solar output totalled 109 TWh-the highest ever for a Q3. Wind followed closely at 108.9 TWh. Meanwhile, coal/lignite generation dropped 9%.
  3. Gas gains ground, coal declines Gas generation rose by 8% year-on-year to 93.6 TWh, replacing coal in many markets. Gas prices averaged EUR 32.98/MWh-down 15% from Q3 2024.
  4. French nuclear defies challenges Despite corrosion fears, heatwaves, and jellyfish disruptions, France increased nuclear output by 3% vs Q3 2024. Elsewhere, output fell.
  5. Hydropower output slips Europe-wide hydro fell 6% year-on-year - the lowest in three years. Low reservoir levels in the Nordics may limit Q4 exports.

What to expect in Q4?

Q4 could bring fewer negative prices due to lower solar generation and rising demand. But risks remain.

Gas storage levels are about 10% below EU targets. If winter turns cold, competition for LNG could push prices higher. Offshore wind delays, increased curtailments, and the new 15-minute trading intervals are all reshaping the market.

La Niña may also trigger colder-than-average conditions. If that happens, expect tighter margins, greater reliance on gas and nuclear, and less flexibility during demand peaks.

FAQ

  • Surging renewable generation, combined with weak demand and limited flexibility, has caused oversupply during sunny or windy periods-especially on weekends and at night.
  • No bidders came forward for two 2.5 GW North Sea sites, raising concerns over costs, policy design, and future project viability.
  • The Nordics were hit hardest, particularly Norway. Reservoir levels fell due to dry weather, triggering possible export restrictions.

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Access detailed data, expert analysis, and clear insights on the European power market in Q3 2025.