European power forwards climb as gas rebounds on Iran strikes
European power forwards rose on Tuesday along with gas, as new US strikes on Iran kept supply fears alive. German year-ahead baseload gained 3.7%, per LSEG.
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what happened
European forward power prices rose on Tuesday, following gas higher. According to LSEG data, the German year-ahead baseload contract climbed 3.7% to 159.50 euros per megawatt-hour at 0840 GMT. The December contract posted the biggest gain, up 4.6%. The French front-year contract did not trade after closing at 119 euros per MWh.
The move follows further US strikes on Qeshm Island in the Strait of Hormuz and a senior Iranian official's comment that the two sides remain far from a peace deal, as Reuters reported. Mind Energy analysts said volatility is very high and sharp price swings are possible. In the spot market, the German day-ahead baseload fell 1.9% to 251.55 euros per MWh.
Supply is also tight. French nuclear availability stands at 80% of capacity, with the Cattenom 3 reactor outage extended to December 4. The Chooz 2 reactor has been offline for nearly four months due to low river levels.
why it matters
European gas and power are currently trading with regional military developments around the Strait of Hormuz, so the market reacts to every report on the talks. Low river levels and French nuclear outages limit supply and support prices, while EU carbon allowances barely moved.
market impact
European power and gas: geopolitical premium and nuclear outages support prices
- German power forwards pressure up — higher gas prices and Iran tensions raise expectations for generation costs
- European gas pressure up — US strikes on Iran and no progress in talks add a risk premium
tags
instruments
sources
- Forward prices rise as gas rebounds — Reuters, 3 November 2026 at 09:44 UTC
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