European winter power prices face LNG uncertainty and low hydro reserves

European winter power prices: German winter generating margins for coal, lignite and gas

European winter power prices in 2026–27 are set to remain closely linked to gas market volatility, with uncertainty over Middle Eastern LNG supply compounding low gas and hydropower reserves. This report examines how fuel costs, weather, nuclear availability and cross-border electricity flows could shape conditions across the region. Higher gas prices have strengthened coal and lignite generating margins relative to […]

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