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European Energy Markets
13APR

Italy-France day-ahead spread hits EUR 153/MWh

3 min read
22:33UTC

Italy-France day-ahead electricity spread reached EUR 153/MWh on Sunday 26 April, with France clearing at EUR -43.73/MWh and Italy at EUR 109.38/MWh. Germany cleared at EUR 1.49/MWh on strong wind and solar.

EconomicDeveloping
Key takeaway

France cleared negative while Italy cleared above EUR 109/MWh on 26 April, an interconnector constraint outside the gas curve.

The day-ahead electricity spread between Italy and France reached EUR 153/MWh on Sunday 26 April, with the French zone clearing at EUR -43.73/MWh and the Italian zone at EUR 109.38/MWh 1. Germany cleared at EUR 1.49/MWh on strong wind and solar output.

Negative power prices in the French zone alongside three-figure positive prices in Italy on the same delivery day says the Franco-Italian interconnector was constrained on the limit on Sunday. The day-ahead market is the European power market that clears for next-day delivery on national zonal coupling; spreads of this magnitude across an HVDC link are normally the indicator that one zone has surplus renewable output the link cannot evacuate, while the receiving zone runs gas peakers to cover residual demand.

The trade implication is that Italian power-sector gas demand on a renewable-rich Sunday is still bound by the interconnector envelope rather than by the TTF benchmark. Italian gas storage sits at 48.15% fill, the leading large EU storage market; even with a comfortable inventory position, day-ahead power separates from the gas curve when the link binds. For procurement desks pricing Italian forward power against TTF spot, the EUR 153/MWh spread is a constraint not in the curve and not in recent ENTSOG or ACER coverage. The same constraint matters for EDF's French nuclear export envelope through summer 2026 , since France clearing negative on a Sunday means renewables and nuclear together exceed both domestic demand and the link's evacuation capacity. Southern European industrial users pay a constraint premium that the gas-side balance does not show, and the same dynamic is what gives Bruegel's Spain evidence credibility: when renewables clear the local zonal price, the interconnector becomes the binding constraint, not the marginal gas plant.

Deep Analysis

In plain English

Day-ahead power prices are the prices electricity generators and buyers agree for power delivered the following day. On 26 April, power in France was essentially free, France had more wind and solar generation than it could use, so prices went negative at minus EUR 43.73 per megawatt-hour. Germany was also nearly free at EUR 1.49, also on strong renewables. But Italy cleared at EUR 109.38 per megawatt-hour, a difference of EUR 153 from France. This happens when the cable and grid connections between France and Italy cannot carry enough power across the border to equalise prices. Cheap French power is physically stranded on the French side, while Italian power plants charge full price. The constraint is a known infrastructure problem; the upgrade to fix it is not scheduled until 2027.

What could happen next?
  • Risk

    The EUR 153/MWh Italy-France spread is not reflected in Italian power forward curves, meaning Italian industrial buyers and retailers with 2026 fixed-price supply contracts face unhedged exposure if the constraint recurs on high-renewable output days.

First Reported In

Update #5 · Ban day muted; Germany doubles injection rate

euenergy.live· 26 Apr 2026
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Causes and effects
This Event
Italy-France day-ahead spread hits EUR 153/MWh
An interconnector constraint of this size between two of Europe's largest power markets sits outside the gas curve and outside recent storage coverage; southern European industrial users carry a premium that headline benchmarks miss.
Different Perspectives
EU carbon and storage regulators
EU carbon and storage regulators
EUA carbon broke EUR 81/tonne on 13 July as the ETS Market Stability Reserve's scheduled withdrawals met fresh fuel-switching demand from France's nuclear curtailment. Brussels' mandatory storage-fill rule kept German and French injection running regardless of the TTF swings, the mechanism working as designed four years after the 2022 shock.
Equinor
Equinor
Equinor returned its Asgard field from maintenance on 11 July, lifting Gassco's exit nominations to 319.8 mcm/day just as TTF round-tripped on Hormuz risk. The restart gave Norway spare pipeline capacity to help Europe absorb the gas rally without drawing down storage, reinforcing its role as the post-2022 swing supplier.
Germany
Germany
Germany briefly became the cheaper leg of the FR-DE spread on 12 July as French reactors went offline, while its own storage injection tripled to 723 GWh on 11 July under the EU's mandatory fill rule. Berlin's CCGT fleet absorbed the extra load at a time when EUA's climb past EUR 81 is raising its own marginal cost too.
EDF
EDF
EDF took Chooz, Golfech and Bugey fully offline on 12 July under river-cooling discharge limits, then secured a temperature exemption for Bugey to 20 July rather than wait for the rivers to cool. The government's willingness to relax the environmental ceiling shows French grid security now outweighs the permit breach when reactor hardware itself is undamaged.
Storage and injection-pace desk
Storage and injection-pace desk
EU storage sat at 51.1% on 8 July, still running below the pace needed for an 80% November target, and the JKM-TTF Asia premium of roughly USD 1.4-2.4/MMBtu was already pulling marginal cargoes east before Qatar's withdrawal compounded the gap. October's top-up remains the binding constraint, not this week's price level.
EDF / France
EDF / France
EDF added Chooz to its heat-curtailment watch list as a precaution against the second heat dome peaking 9-14 July, alongside standing warnings at Blayais, Bugey, Golfech and Saint-Alban. No output cut has been confirmed at any site as of 10 July.