Natural gas prices surged across all key markets in February with geopolitical tensions fuelling volatility

The prices of the main European electricity markets rose in February 2025, reaching in many cases their highest level since March 2023. This surge was driven by the rise in gas prices, which also marked their highest monthly average since that date. In addition, wind production fell, registering in some markets its lowest level for a February in several years. On the other hand, solar photovoltaic generation reached its historic peak for a month…

Natural gas prices surged across all key markets in February with geopolitical tensions fuelling volatility

In Europe, TTF month-ahead prices rose 90% yoy to an average of $15/mmbtu -their highest monthly level since Feb23. European gas demand was up by 20% compared to last year, with low wind speeds boosting gas-fired powgen by 60% and colder temperatures drivinb up space heating demand by over 15%. Meanwhile Russian and Norwegian piped flows stood well-below last year’s levels and gas storage levels dropped to below 40% -standing 25 bcm lower than l…