Gas and electricity market reports
Energy prices have a significant impact on household expenditures, industrial costs and business competitiveness. In a liberalised market, monitoring market prices has become increasingly important for analysts, policymakers and businesses alike.
The EU quarterly gas and electricity market reports analyse market data in detail to examine trends and challenges. The reports explore the main factors behind price and volume variations and the interaction between market actors.
Every 2 years, a report on energy prices and costs in Europe is published, taking stock of the recent trends for gas, electricity and oil prices, as well as other energy costs.
Gas market - recent developments
The gas market report for the first quarter of 2025 confirms that further progress was achieved in the diversification of EU gas supply away from Russia and the structural change in imports with a shift towards more LNG imports (45%, +7 percentage points compared to Q4-2024, while pipeline gas imports were reduced (55%, -7 percentage points compared to 62% in Q4-2024). Pipeline gas supply from Russia dropped by close to half (-45%) compared to the previous quarter as Russian gas transit through Ukraine stopped on 1 January 2025. The year-on-year decrease in Russian pipeline gas impots was 39%.
Total Russian gas imports declined by 28% year-on-year and 27% quarter-on quarter. The volumes of Russian LNG imports remained stable compared to the previous quarter and declined 11% year-on-year.
EU gas consumption was 119 bcm, an increase of 8% (+8 bcm) compared to the same quarter in the previous year (111 bcm) indicating an end of the continuous contraction in European gas consumption experienced since 2021. Quarter-on-quarter, consumption increased by 15% (+16 bcm) reflecting the usual higher heating season consumption combined with colder temperatures than in the previous quarter.
EU gas imports amounted to 69 bcm, a 2% decline quarter-on-quarter and a 2% decrease year-on- year. Pipeline gas constituted 55% of imports (38 bcm), while the share of LNG was 45% (31 bcm). Norway remained the EU’s biggest gas supplier (31%, 21.7 bcm), followed by the U.S. (24%, 16.6 bcm), Russia (14%, 9.7 bcm), North Africa (13%, 9.2 bcm), Qatar (5%, 3.2 bcm) and Azerbaijan (4%, 2.6 bcm).
EU pipeline imports were 38 bcm, a rather significant decrease of 14% compared to the previous quarter and 10% less compared to the previous year due to the halt of Russian pipeline imports via Ukraine. Norway provided over half of the EU’s pipeline imports (55%, 20.6 bcm), followed by North-Africa (21%, 7.9 bcm), Russia (12%, 4.6 bcm), Azerbaijan (7%, 2.6%) and the UK (4%, 1.6 bcm).
EU LNG imports were 31 bcm, an increase of 18% compared to the previous quarter and an 11% increase year-on-year. The United States supplied 53% of EU LNG (16.6 bcm), followed by Russia (16%, 5.1 bcm) and Qatar (10%, 3.2 bcm). The 3 largest EU LNG importers were France (26%) Spain (19%) and Italy (13%).
European wholesale prices averaged 47 €/MWh in the first quarter of 2025, an increase of 9% compared to the previous quarter and a 71% increase year-on-year. The upward price movement (observed already in Q4-2024) continued, driven by rapidly drawn-down gas storage levels combined with lower renewable production and geopolitical tensions in January and February 2025. The monthly average price reached 48 €/MWh in January and 50 €/MWh in February, before falling back to 42 €/MWh in March 2025. Asia displayed slightly lower LNG prices than Europe in January and February but became more expensive in March 2025. Retail gas prices increased by 6% compared to the previous quarter and increased by 6% year-on-year. The EU quarterly average retail price was 112 €/MWh.
EU quarterly gas market reports
The older reports (2008-2023) are available in a dedicated CIRCA BC
Electricity market - recent developments
The electricity market report for the first quarter of 2025 shows a dynamic power generation landscape, with solar achieving record generation levels for a first quarter, despite a temporary decrease in the overall renewable share (41%). It highlights significant growth (+30%) in solar output, atypically low wind and hydro generation. Fossil fuels with the support of nuclear power, made up for the shortfall in power generation. This shift was accompanied by a volatile pricing environment with increased prices in wholesale markets but stable prices for retail consumers.
Solar generation set a new first-quarter record, reaching 45 TWh, an impressive 30% increase compared to Q1 2024. Due to exceptionally low wind speeds for a first quarter, wind generation declined year-on-year, with onshore wind dropping by 17% (-22 TWh) and offshore wind by 22% (-4 TWh). Hydropower also saw a 15% decrease (-16 TWh), albeit from very high levels in Q1 2024.
In contrast, fossil fuel generation rose by 17% (+33 TWh), compensating for the atypically low renewable output and a moderate rise in electricity demand. This was largely driven by less CO2-intensive gas generation which increased 23% (+21 TWh), alongside a 15% rise (+11 TWh) in coal-fired generation. Nuclear output also experienced an increase of 4% (+6 TWh).
Electricity prices exhibited volatility, with the European Power Benchmark averaging 100 €/MWh due to higher gas prices and more gas power generation to compensate for the lack of wind and hydro generation during the quarter. However, the overall wholesale electricity price is keeping a downward course (-38% compared with Q1 2023), showing a significant reduction in prices in the spring. This marks a 49% increase from Q1 2024, but a 38% decrease from Q1 2023. Retail electricity prices for households in EU capital cities saw a marginal increase of 3% to 255 €/MWh, driven by higher energy taxes and network charges.
EU quarterly electricity market reports
The older reports (2008-2023) are available in a dedicated CIRCA BC.
Energy data centre
Consistent and accurate data is very important for a reliable analysis that can be used to develop energy policies or investment planning.
For data and analysis, the Directorate-General for Energy relies on the Market Observatory for Energy, which maintains and operates the Energy market observation system (EMOS), a database of information collected from a wide range of private and public entities.