What were the notable figures in the electricity markets this month?
November marked the actual start of winter in the electricity markets, with the season’s first „dark lull” (a period of low wind and solar power generation) having a significant impact on prices. Despite lower natural gas storage levels than in previous years, gas prices remained remarkably stable and calm, which provided some relief given the rising demand. To make matters worse, a rare trading event occurred: an EPEX market disruption in which the Intraday Continuous (IDC) prices rose to as high as €9,999 on November 29 due to market decoupling.
What are some possible reasons for this market behavior?
The combination of limited electricity generation from renewable energy sources and heating demand at the start of the season created the conditions for greater volatility. The first period of low sunlight and low wind significantly reduced the share of renewable energy, leading to greater reliance on conventional energy sources, while relatively stable gas prices helped cushion what might otherwise have been an even sharper rise in electricity prices.
What are your expectations for next month?
December traditionally brings stronger winds, making wind power increasingly important for price dynamics. In addition, holiday effects—particularly around Christmas—tend to lead to pronounced price patterns as consumption declines and generation planning is adjusted. Overall, December will likely showcase the opposing forces of wind fluctuations and holiday-season demand, which shape the market.
