June 2026 was defined by a consistent market-wide price decline through the month, alongside rising weekly volumes. Total volume reached 15.7 TWh across 227 trades over 20 active days, below May (21.6 TWh), with activity building steadily. WSH remained the dominant product at 8.0 TWh (51% of volume, 112 trades). WSH w-avg fell from EUR 1.759 (W23) to EUR 1.186 (W26), a roughly 33% decline, the clearest directional move of the month, echoed across nearly every other product. Nordic Hydro, Hydro, and Renewable all softened in lockstep, suggesting a broad-based repricing rather than a technology-specific shift. The market was offer-heavy, consistent with the seller-dominant pattern seen in prior months.
Market Activity
- 227 trades across 20 active days, with activity building throughout the month. Volume followed the same pattern, peaking at 6.9 TWh in the final week.
- WSH: 112 trades, 8.0 TWh - the core liquidity instrument, with w-avg falling roughly 33% from W23 to W26.
- Hydro (non-Nordic): 37 trades, 2.3 TWh, driven mainly by European origin (29 of 37 trades). Pricing eased from EUR 1.779 (W23) to EUR 1.299 (W26), tracking the broader market trend.
- Nordic Hydro: 32 trades, 2.6 TWh. Norwegian origin dominated (24 of 32 trades). Pricing eased from EUR 1.668 to EUR 1.236.
- Renewable: 22 trades, 1.8 TWh. Pricing fell from EUR 1.636 to EUR 1.247.
- Wind: 16 trades, 0.8 TWh, ranging from EUR 1.10–1.83. Activity was relatively even across weeks, with W25 the most active (8 trades).
- Solar: only 3 trades, 19,130 MWh - the quietest month for Solar so far.
- Nuclear: 5 trades, 231,800 MWh, concentrated in W23–24. Pricing flat at EUR 0.110–0.115/MWh, including one 200,000 MWh Icelandic-origin trade in W23.
Price Action
- WSH: Clear and consistent downtrend, EUR 1.759 (W23) → 1.667 (W24) → 1.403 (W25) → 1.186 (W26). A roughly 33% decline over the month, the most pronounced directional move of any product in June.
- Nordic Hydro: Eased from EUR 1.668 (W23) to EUR 1.236 (W26), tracking the broader softening trend.
- Hydro (non-Nordic): Declined from EUR 1.779 (W23) to EUR 1.299 (W26), a smoother, more orderly decline than in prior months now that the high-priced quarterly outlier trades have been excluded from the dataset.
- Renewable: Fell from EUR 1.636 (W23) to EUR 1.247 (W26), broadly in line with WSH.
- Wind: Pricing held steadier than other products, moving from EUR 1.487 (W23) to EUR 1.358 (W26), with W25 the high-water week at EUR 1.514.
- Solar: Too few trades to draw a confident trend; pricing was flat around EUR 1.25–1.31.
- Nuclear: Stable and decoupled from the rest of the market at EUR 0.110–0.115/MWh.
- Vintage curve: 2026 was the most liquid vintage (6.2 TWh). Most products show only a modest 2027 premium over 2026 (e.g. Hydro 2027 at EUR 1.703 vs. 2026 at EUR 1.612), and pricing flattens further into 2028–2031, consistent with the month's broader softening trend rather than a steep forward premium.
Cross-Regional Dynamics
- Norway continued to dominate Nordic Hydro supply, consistent with its established role as the primary origin in the Nordic hub.
- European and AIB GC origins again dominated WSH and Hydro activity, continuing the trend of pan-European baskets as the default instrument.
- France appeared in WSH at modest volume (5 trades), while Iceland contributed across both WSH (4 trades) and Nuclear (1 trade), continuing its recurring but modest presence across products.
- Wind origin was concentrated in Europe (9 of 16 trades) with smaller contributions from AIB GC, Iceland, Norway, Denmark, and Sweden, a more modest spread than in May, consistent with lower overall Wind volume this month.
Note: All figures, prices and market activity referenced in this report are based on the period 1–30 June 2026.
