What were the striking figures on the electricity markets this month?
November truly marked the start of winter in the power markets with the first “Dunkelflaute” (period of low wind and solar generation) of the season clearly impacting prices. Despite lower gas storage levels than in previous years, gas prices remained remarkably stable and calm, providing a bit of relief amid increasing demand. And, to top it off, we witnessed a rare trading event: an EPEX market outage, with intraday continuous (IDC) prices spiking as high as 9,999€ - due to market decoupling on 29th of November.
What are the possible reasons for this market behavior?
The combination of limited renewable generation and early-season heating demand set the stage for higher volatility. The first Dunkelflaute reduced renewable input significantly, forcing more reliance on conventional generation sources, while the relatively stable gas prices managed to cushion what could have been a more severe spike in power prices.
What do you expect for the next month?
December traditionally brings stronger winds, making windpower increasingly relevant for price dynamics. Alongside that, holiday effects, especially around Christmas, tend to bring distinct price patterns as consumption drops and generation scheduling adapts. Altogether, December will likely show the contrasting forces of wind variability and festive season demand shaping the market.
