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Electricity · Belgium · Cal 2027
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Forward curve · Belgium · Electricity
EEX · 23/07/2026 · Indicative dataCal 2027
91.22 €/MWh
▲ +0.580
Cal 2028
77.40 €/MWh
▲ +0.160
Cal 2029
71.67 €/MWh
▲ +0.060
Cal 2030
70.62 €/MWh
▲ +0.030
Q4 2026
121.28 €/MWh
▲ +0.660
Q1 2027
115.51 €/MWh
▲ +1.370
Q2 2027
80.98 €/MWh
▲ +1.680
Q3 2027
83.50 €/MWh
▲ +0.630
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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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