Introduction
The growing role of wholesale traded energy markets across Europe creates a greater need for players throughout the value chain to be aware of the latest market movements and developments. From the wellhead or power station gate to the end-user, volatility in the spot and forward price of power and gas is creating an increasingly challenging environment for all market participants.

Scope
An examination of the wholesale gas price trends in Europe's three key markets - the UK NBP, the Zeebrugge Hub and the Dutch TTF.
An assessment of traded power prices in the UK, Belgian, Dutch, German and French wholesale power markets.
Insight and analysis into the impact of wholesale markets on the wholesale / retail price interface.
Highlights
Bearish influences are continuing to impact on wholesale power prices.

Greater interconnectivity is increasing price convergence in the wholesale gas markets.

Retail price pressure has begun to diminish.

Reasons to Purchase
Establish the current level of wholesale and retail energy prices and the fundamental drivers behind movements in the traded value of gas and power.
Understand how wholesale pricing impacts different facets of the value chain, identifying the potential to limit risk through hedging strategies.
Forecast future developments in the traded price of gas and power in order to successfully take advantage of arbitrage opportunities.

DATAMONITOR VIEW 1
CATALYST 1
SUMMARY 1
ANALYSIS 3
This brief assesses key developments in Europe’s major wholesale energy markets 3
Prompt European wholesale power prices have continued on an upward trend in May 4
In common with the prompt part of the curve, European forward power prices have continued to firm 5
Belgian power prices have firmed in both the prompt and forward parts of the curve during May 6
After a weak start to the month, French power prices gained significant ground during May, particularly at the prompt end of the curve 7
Fears over possible plant operation problems over the summer have pulled up prompt German contracts 8
Market sentiment over plant outages over the summer have helped Dutch power prices to continue gaining ground throughout the curve 9
Although UK power prices have been in bullish mood in May, the price rises are of the magnitude seen elsewhere in Europe 10
European prompt gas prices enjoyed a bullish period during May 11
Longer term gas prices across Europe did not see the bullish sentiment that has characterised prompt contracts during May 12
Reduced gas imports from Norway impacted a considerable influence on short term UK gas prices during May 13
TTF prompt prices have tracked the NBP upwards during the month of May 14
Zeebrugge prices found their greatest degree of strength at the prompt end of the curve 15
Following a period of decline, European coal prices found a new bullish tone during May 16
Phase 2 credits have continued to gain ground in May, though the Phase 1 collapse has continued 17
Crude prices have showed a slight decline in June 18
This brief contains a number of industry standard terms 19
APPENDIX 21
Datamonitor offers bespoke services that can be tailored to supplement your understanding of the European utility market 21
Datamonitor Consultancy 21
Ask the Analyst 21
Disclaimer 21