Montel Analytics

Battery revenues are no longer just about being in the market it’s about how you position your asset within it. With volatility continuing to shape European power markets, we’re seeing more BESS projects coming online. But a key question is emerging: 👉 Will today’s battery configurations still deliver value in the future? At our Energy Deep Dive in Aarhus, Juri Schwartz explored exactly this in his session: How BESS assets earn intraday vs balancing value stacking From shifting market dynamics to the evolving role of duration, the discussion highlighted why a four hour system could be better placed than a two hour setup as value increasingly comes from stacking opportunities across intraday and balancing markets. The takeaway It’s not just about capturing volatility it’s about adapting to where that value is moving. 🎥 Want the full breakdown? Watch Juris’ session again here: video.montel.energy/secret/1246541…

Political shocks don’t just move markets they reshape them overnight. In early March, European gas prices doubled within a single week. For traders, asset owners, and offtakers, that kind of volatility isn’t just risk it is opportunity. So how do you stay ahead when the market moves this fast? At our German Energy Day, Amani Joas (Head of Trading & Managing Director, FlexPower) will break it down in his session: Short-term renewable PPAs: Capturing opportunities while managing price volatility 💡 What to expect • How short-term, standardised PPAs can improve capture rates • Why agility in trading is becoming a competitive advantage • How to make faster, better informed decisions in volatile markets This is especially relevant as price signals become more unpredictable and flexibility becomes key to value creation. 📅 April 23 👉 Register for our German Energy Day event here: eu1.hubs.ly/H0sQvWg0 ⚠️ This year’s event is already close to selling out so secure your spot now.

We are pleased to welcome Axpo Group and Axpo Nordic as partners for this year’s Montel Energy Days 2026. Axpo Group is Switzerland’s largest producer of renewable energy and an international leader in energy trading and the marketing of wind and solar power. Through Axpo Nordic, the group is a leading independent player in the Nordic energy market, specialising in trading and developing energy products and services for retailers, energy-intensive industries and energy producers. Together, they bring deep expertise across generation, trading and market optimisation, adding valuable insight to this year’s Energy Days discussions. We look forward to working with the Axpo teams and welcoming them to this year’s Energy Days programme. Explore everything happening at Montel Energy Days 2026: eu1.hubs.ly/H0rQ-Pj0

Germany’s power market is changing but are we reading the signals correctly? Negative price hours have increased significantly, reflecting growing structural oversupply from renewables. But recent regulatory changes are shifting how this imbalance shows up. With §51 EEG, many renewable generators no longer bid at negative prices, leading to a rise in zero-price hours instead. The imbalance remains. The signal is just harder to read. 👉 And price alone no longer tells the full story When volumes cannot fully clear, pro-rata allocation determines how much is actually traded, directly impacting revenues and market outcomes. In this webinar, we explore • What is driving the increase in negative price hours • How §51 EEG is changing bidding behaviour • Why zero-price hours are becoming more common • When pro-rata allocation applies and how it works • Why traded volumes are key to understanding market value 📅 March 24 | 14:00 CET 🎙️ Josephine Steppat 👉 Register here: eu1.hubs.ly/H0sKpzn0

Austria intends to request that EU governments consider ways to prevent CO2 pricing from inflating the cost of electricity generated from renewable energy. montelnews.com/news/68e15e1e-…

Sweden could freeze new power interconnections with the EU if the bloc does not change its proposed rules on congestion revenue and grids planning, its energy minister said on Monday. montelnews.com/news/7b1a7c5b-…

The Iran war is likely to lead to a global rethink on LNG market stability and affect future demand growth for the fuel in Europe, analysts said on Monday. montelnews.com/news/de788cef-…

Where will the real value for flexible assets come from in the years ahead? ⚡ At our Danish Energy Day event, Søren Rygaard and Jakob Krogshave Laursen from Danske Commodities reflected on a key theme from their session. Flexibility will be critical for future asset profitability. There are still questions in the market about whether investing in flexible assets makes sense. Their view was clear. It does, especially as volatility continues to shape European power markets. However, where assets earn their revenue may change. Instead of relying mainly on ancillary services, operators are increasingly looking at opportunities in the day-ahead and intraday markets. Periods of very low daytime prices and stronger evening peaks are creating new trading opportunities. Building assets with that flexibility in mind, including co-location and the ability to shift power across markets, is one way investors can reduce risk as the market evolves. ▶️ You can watch the full session again for free: video.montel.energy/secret/1246323…

What happens to Europe’s gas prices when a fifth of global LNG flows through a single chokepoint? At Danish Energy Day, Arne Lohmann Rasmussen from Global Risk Management (GRM) explained why the timing of the current disruption in the Middle East matters for European gas markets. With a significant share of global LNG currently unable to move through the Strait of Hormuz, the impact builds over time. As Arne describes, it’s a bit like a snowball rolling downhill – the longer the disruption lasts, the larger the consequences become. This comes at a sensitive moment for Europe, where gas buyers may need to secure around 30% more supply than last year after exiting winter with relatively low storage levels. If you missed the session “The Middle East crisis: Implications for gas and CO₂ prices”, you can watch the full discussion again for free: video.montel.energy/secret/1246539…

Higher energy prices are changing how people view the energy transition. But what does that mean for the future of energy trading? Over the past decade, Europe’s energy system has changed significantly. According to Louise Hahn, CEO of Mind Energy, the result is clear: energy prices are now roughly twice as high as before the energy crisis. Consumers are reacting and that reaction matters. If rising costs are not addressed, there is a risk of losing public support for both the green transition and the energy markets designed to support it. At Danish Energy Day, Louise Hahn shared her perspective in the session: “Energy Trading serves a purpose – it’s hopefully not too late.” ▶ Watch the full session again here: video.montel.energy/secret/1246309…

Welcome to Danish Energy Day in Aarhus. Today we bring together market participants to discuss developments shaping the Danish power market, from trading strategies and flexibility to the growing role of storage. If you can’t attend in person, one session will be live streamed for free: 13:20 – 13:45 Battery energy systems and co-location with renewables Søren Rygaard and Jakob Krogshave Laursen, Danske Commodities They will share perspectives on how battery storage and co-location strategies can help manage market volatility, negative price hours and renewable capture rates. 👉 Register to watch for free: eu1.hubs.ly/H0svSQ10

What happens to renewable generation when power prices drop below zero? As prices turn negative, parts of the renewable generation curve can simply disappear. Instead of the usual solar peak in the middle of the day, the curve drops in the centre – creating what some analysts are starting to call a “cat curve.” At Energy Deep Dives Denmark, Jean-Paul Harreman shared why this could become a key talking point across European power markets in the months ahead. ▶️ Watch the full session again here: video.montel.energy/secret/1245825… 📄 You can also download the European Curtailment Report for free: eu1.hubs.ly/H0rpCgD0

Welcome to Energy Deep Dives Denmark. Today we bring together Montel experts to discuss some of the key developments shaping European power markets – from intraday and balancing market signals to BESS value stacking and medium-term market strategy. Our speakers today include: • Priyanka Shinde, Nordic Market Expert, Montel Analytics Short-term strategy in practice: intraday and balancing decision-making • Jean-Paul Harreman, Director, Montel Analytics Trading the noise: The real drivers of CWE intraday power markets and the NRV advantage • Juri Schwartz , Analyst, Montel Analytics How BESS assets earn: intraday v balancing value stacking • Ljubov Cherney, Director Analysis, Montel Analytics From short-term signals to medium-term strategy • Morten Hegna, Montel Montel Markets – news and market data reshaped Jean-Paul’s session on CWE intraday power markets will also be live streamed for free, so a wider audience can join the discussion. Register for free: video.montel.energy/trading-the-no… If you are attending today, we hope you enjoy the sessions and the conversations throughout the afternoon.

Battery storage is becoming an important tool in high-renewables markets like Denmark. As wind and solar generation continue to grow, market participants are increasingly exposed to price volatility, negative price hours and lower capture rates. One approach being explored is co-locating battery energy storage systems (BESS) with renewable assets. ⚡ FREE live stream from Danish Energy Day Battery energy systems and co-location with renewables 📅 12 March | ⏰ 13:20 CET Join Søren Rygaard and Jakob Krogshave Laursen from Danske Commodities as they share insights from years of trading and asset management in the Danish power market. They will explore how BESS can help manage negative prices, improve capture rates and support participation across day-ahead, intraday and balancing markets. 👉 Register here: eu1.hubs.ly/H0svSQ10

We are pleased to welcome Nord Pool as a partner for this year’s Montel Energy Days 2026. Nord Pool is Europe’s leading power market, providing day-ahead and intraday trading across multiple European countries. As part of the Euronext Group, Nord Pool plays a key role in enabling transparent price formation and efficient electricity trading across the continent. We look forward to working with the Nord Pool team and welcoming them to this year’s Energy Days programme. 🔗 Explore everything happening at Montel Energy Days 2026: eu1.hubs.ly/H0rQ-KG0

Trading the noise: The real drivers of CWE intraday power markets and the NRV advantage ⚡ Free webinar | Energy Deep Dives Denmark Intraday power markets in Central Western Europe can move within minutes. A wind ramp. A solar forecast miss. An interconnector shift. A balancing signal. But which of these actually moves the market, and which is just noise? In this session, Jean-Paul Harreman, explains how traders can identify the signals that matter most in CWE intraday markets. You will learn: • How renewable forecast errors translate into intraday volatility • What flexibility value reveals about the coming trading hours • Why renewable forecasting is becoming harder • How trading activity across markets reveals early signals • How balancing signals trigger price spikes Jean-Paul will also introduce the NRV advantage, using near-real-time imbalance calculations and nowcasts to improve reaction speed in fast-moving markets. 👉 Register now: eu1.hubs.ly/H0sr_Tz0

Middle-East conflict: Impact on global gas market - FREE Webinar! European energy prices have surged amid rising tensions in the Middle East. Following military attacks at QatarEnergy’s Ras Taffan terminal, LNG production has been halted, while oil and gas tankers have stopped travelling through the Strait of Hormuz. Even short-lived disruption in this key corridor can quickly feed through to crude, gas and European power prices. Tomorrow at 14:00 CET, join our expert panel: 🎙️ Snjólfur Richard Sverrisson, Montel News (Moderator) 🎙️ Nadia Martin Wiggen, Svelland Capital 🎙️ Tobias Federico, Montel Analytics 🎙️ Francesco Sassi, University of Oslo In this concise, 30-minute session, we will assess: • How markets have reacted to the regional escalation • What is technically and politically feasible in the Strait • Immediate implications for oil and LNG flows • Potential knock-on effects for European gas and power • Key indicators to monitor in the coming days 📅 03 March | 14:00 CET 🎟️ Free webinar – register now: eu1.hubs.ly/H0scZ0N0

At 11:00 CET, several Central and Eastern European markets cleared at €0/MWh, while Spain was at -€1.47/MWh. The main driver was strong renewable generation during relatively soft demand hours. ▪️In Spain, high wind and solar output pushed supply above local demand, resulting in negative prices. ▪️In parts of CWE and CEE, supply was sufficient to clear the market at the €0 floor. ▪️Cross-border capacity was available, so the outcome reflects overall system balance rather than congestion. ▪️We saw voluntary renewable curtailment in the day-ahead auction contributing to the price stability, with assets not coming online at zero prices in several countries. ▪️French nuclear contributed with 9 GW downward flexibility. ▪️Balancing and intraday markets consistently saw negative prices.

We are pleased to welcome Enerwave S.A. as a partner for this year’s Montel Energy Days 2026. Enerwave is an energy trading and optimisation company with deep expertise in European power and natural gas markets. They combine real-time market intelligence, trading execution and risk management to help clients navigate short-term price dynamics and unlock value across the energy value chain. We look forward to working with the Enerwave team and welcoming them to this year’s Energy Days programme. 🔗 Explore everything happening at Montel Energy Days 2026: eu1.hubs.ly/H0rQ-Pj0

BESS and Germany’s power market: will more batteries lower prices? 🗓 26 February | ⏰ 14:00 CET Register for free: eu1.hubs.ly/H0rQD_x0 Germany’s battery storage pipeline is growing fast. But not all approved projects will be built. And not all capacity will participate in the Day-Ahead market. So what does this mean for power prices over the next 20 years? In this session, we share results from our latest Q1 European power price scenarios, including a sensitivity analysis on different BESS and flexibility assumptions, and their impact on base and capture prices through 2045. If you work with German power prices, PPAs, asset valuation or long-term scenarios, this is one to join. Have you secured your spot?