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Electricity · Belgium · Cal 2027
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Forward curve · Belgium · Electricity
ICE ENDEX · 10/09/2026 · Indicative dataCal 2027
130.51 €/MWh
▲ +2.960
Cal 2028
94.19 €/MWh
▲ +2.030
Cal 2029
82.75 €/MWh
▲ +1.070
Q4 2026
178.30 €/MWh
▲ +2.440
Q1 2027
173.53 €/MWh
▲ +2.820
Q2 2027
112.60 €/MWh
▲ +2.930
Q3 2027
113.90 €/MWh
▲ +2.600
10/2026
171.45 €/MWh
▲ +2.260
11/2026
185.44 €/MWh
▲ +2.640
12/2026
178.26 €/MWh
▲ +2.410
Quotation of the day
Next year’s forward, by country.
Calendar forward price and change versus the previous day. Indicative data
Decoded by our desk
LNG flows are delaying the arrival of the gas spring
The TTF rebound observed this week is not structural: it is explained by LNG cargoes being diverted to Asia, where spot prices have once again become more attractive than in Europe.
On the fundamentals side, European storage levels remain comfortable, above the 5-year average for this time of year. As long as that gap persists, the current move looks more like flow noise than a regime change.
What we are watching: the trajectory of the Asia/Europe arbitrage in the coming weeks, and its effect on the winter 26-27 products. For baseload profiles, the more distant calendar products (CAL 28-29) remain far less exposed to this short-term tension: a piece of context to factor in before any fixing decision, which belongs to each company.
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