European Power Prices Surge Above €600 Amid Wind Collapse

European power prices surged above €600 per megawatt-hour during peak evening periods on Monday, November 9, 2026. The spike followed a collapse in wind generation caused by a slow-moving weather front that created still, cloudy conditions across northwest and central Europe, specifically impacting Germany, the United Kingdom, and the Benelux countries.

This period of low renewable output, known as Dunkelflaute, coincided with temperatures dipping 1C to 3C below normal. The lack of wind power forced grid operators to rely on more expensive gas-fired plants to meet demand. In France, day-ahead prices reached their highest level since December 2022.

Market volatility extended to future contracts, with December futures for Germany and France trading near €200 per megawatt-hour, more than double the prices recorded the previous year. The UK Grid Operator warned of a potential electricity supply shortfall of approximately 1.4 gigawatts on Monday morning as the region struggled with the generation slump.