State of European Power · October 2025
State of European Power — October 2025
Published 2025-11-02 · every figure recomputed live from the Voltcast production database (last: 2026-07-13T23:54Z) · reproduce any number via the API
433
negative price-hours across 43 zones in October 2025
86.74
average day-ahead price, €/MWh, across covered zones
25
zones that cleared below zero at least once
October 2025 closed with 433 negative price-hours across the 43 European bidding zones with full coverage this month — 25 of them cleared below zero at least once. Negative prices are no longer an anomaly; they are a structural feature of a grid where solar and wind routinely outrun demand.
The cheapest market of the month was NO4 (average 4.52 €/MWh); the priciest was MK (125.63 €/MWh) — a 121 €/MWh gap between two markets inside one coupled European system, which is the whole story of constrained interconnection in one number.
DE-LU logged the most negative hours (49), and the widest intra-month price range belonged to EE: from -0.14 to 1000.02 €/MWh (1000.16 €/MWh of spread — the raw material for every battery business case). The single deepest print of the month was -94.59 €/MWh in SE1 on 2025-10-02.
Every zone, one table
| Zone | Avg €/MWh | Min | Max | Negative hours |
|---|---|---|---|---|
| AT | 108.3 | -0.55 | 370.27 | 1 |
| BE | 74.99 | -4.95 | 290.58 | 31 |
| BG | 121.8 | 0.29 | 478.91 | 0 |
| CH | 106.25 | 5 | 165 | 0 |
| CZ | 95.65 | -1.72 | 400.62 | 7 |
| DE-LU | 84.69 | -10.84 | 416.7 | 49 |
| DK1 | 78.15 | -3.66 | 407.21 | 30 |
| DK2 | 82.1 | -1.91 | 407.27 | 15 |
| EE | 89.69 | -0.14 | 1000.02 | 11 |
| ES | 75.63 | -2.45 | 217.9 | 16 |
| FI | 48.98 | -0.14 | 456.11 | 25 |
| FR | 57.36 | -2.45 | 156.52 | 20 |
| GR | 112.31 | -3.27 | 478.91 | 20 |
| HR | 113.15 | 0.25 | 426.76 | 0 |
| HU | 122.1 | 0.31 | 491.15 | 0 |
| IE-SEM | 97.02 | -18.39 | 323.29 | 26 |
| IT-CALA | 105.43 | 0 | 180.97 | 0 |
| IT-CNOR | 112.4 | 10.84 | 180.97 | 0 |
| IT-CSUD | 112.06 | 10.84 | 180.97 | 0 |
| IT-NORD | 112.16 | 10.84 | 172.17 | 0 |
| IT-SARD | 105.15 | 0 | 172.51 | 0 |
| IT-SICI | 105.86 | 0 | 199.66 | 0 |
| IT-SUD | 104.05 | 0 | 180.97 | 0 |
| LT | 105.08 | -0.02 | 1000.1 | 3 |
| LV | 105.08 | -0.02 | 1000.1 | 3 |
| ME | 118.41 | 4 | 353 | 0 |
| MK | 125.63 | 2 | 500.02 | 0 |
| NL | 82.29 | -4.84 | 371.73 | 46 |
| NO1 | 50.33 | 0.18 | 168.05 | 0 |
| NO2 | 59.47 | -0.6 | 231.25 | 7 |
| NO3 | 24.54 | -6.48 | 107.65 | 1 |
| NO4 | 4.52 | -11.71 | 64.21 | 34 |
| NO5 | 47.93 | 1.26 | 81.06 | 0 |
| PL | 104.95 | -0.11 | 410.48 | 5 |
| PT | 76.35 | -2.45 | 217.9 | 10 |
| RO | 121.9 | 0.29 | 478.91 | 0 |
| RS | 123.68 | 2 | 441.99 | 0 |
| SE1 | 12.98 | -74.11 | 80 | 12 |
| SE2 | 12.32 | -0.53 | 89.57 | 22 |
| SE3 | 57.16 | -1.3 | 413.16 | 17 |
| SE4 | 64.83 | -1.78 | 413.74 | 16 |
| SI | 110.38 | 0.24 | 411.86 | 0 |
| SK | 96.51 | -1.72 | 371.86 | 6 |
Method & citation. Hourly means over all published day-ahead auction results
per zone (native 15-minute periods averaged per hour); zones with under 20 reported days excluded. Sources: ENTSO-E
Transparency Platform, SMARD (CC BY 4.0). Reproduce via GET /api/v1/prices/{zone}.
Cite as "Voltcast Research, voltcast.com/research/state-of-european-power-2025-10".