Stats › Devises et matières premières › European power forwards
The European power forward curve is backwardated and the year ahead contract settled 16 euro above spot
Average European power forward prices in euro per megawatt hour across calendar 2025. The annual curve slopes down by roughly seven euro a year out to three years. The Commission attaches no standard error, no test and no risk premium decomposition to these figures, so they are realised averages rather than estimated premia, and they cover one year.
Across 2025 the European year ahead power contract averaged 85 euro per megawatt hour, the two year 76 and the three year 71. The year ahead contract averaged 16 euro above the spot price it was priced against, a realised premium of about 19 per cent.
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