Spring Power Market Outlook: Available in THEMAs web portal

One year after the war in Ukraine started energy prices are still at elevated levels and the uncertainty is large. Normalisation of power prices will depend on the availability of affordable gas. In our special issues we focus on the effects of some of the proposed ideas for new power market designs in Europe.


Electricity prices across Europe have come down from the record-high levels seen in 2022. The situation is still fragile, and uncertainty is high given the geopolitical situation that has shaken the commodity markets.

In our latest Market Outlook we analyse the important price drivers for the years to come. We find that gas prices are a main driving force for power prices in the short and medium term, and that a normalisation of power prices depends largely on the availability of affordable natural gas.

THEMA’s market reports address the needs of utilities, investors, and other stakeholders looking for independent as well as professionally and methodologically sound expertise on power market developments. Our reports cover all major markets in Europe, where applicable on bidding zone level.

Due to the extreme energy prices in 2022, the EU and its member states implemented an emergency package to reduce power prices for end-users. To some, these measures are not reaching far enough, and more fundamental changes in market design is brought into play. The marginal pricing principle and its implications for end users is for many at the core of the problem. Instead of using hourly marginal prices, some suggest a kind of average pricing, based on capital costs for renewable generation and costs for thermal generation. In the special issue chapter we discuss the implications of such changes to the market design, as well as possible alternatives.

The market outlook data is accessible via a web portal that allows for easy data visualisation and enables easy downloading of data and reports for subscribers to the market outlooks.

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