Monitoring and Functioning of the Wholesale Electricity and Natural Gas Markets in 2025 (CRE)

Summary

• In 2025 the CRE monitored more than 26 million transactions on wholesale electricity and gas markets, for more than 5,495 TWh traded and €203 billion in value.p.3
• Total French electricity production reached 547.5 TWh (+1.6%), with nuclear output at 373 TWh (+11 TWh).p.6
• French LNG imports rose 18% in 2025 and now account for 56% of French gas imports (49% in 2024).p.5
• Gas prices fell below 30 €/MWh in December 2025, and the M+1 contract almost doubled to a peak above 60 €/MWh in March 2026 after the war in the Middle East.p.5
• France's day-ahead electricity price shows a discount of about 20 to 30 €/MWh compared with Germany, Belgium or the United Kingdom.p.7
• Average French day-ahead electricity price was 61.1 €/MWh in 2025 (+6%) and the average M+1 gas price was 35.4 €/MWh (+4%).p.13
• In 2025 the CoRDiS fined Danske Commodities A/S and Equinor ASA €8 million and €4 million, and J.P. Morgan SE €500,000.p.4

Key insights

1. The number of transactions rose by 74% compared with 2024, notably due to 15-minute products on the day-ahead and intraday electricity markets.p.3
2. The PEG M+1 gas price rose by 76% in 2 days after the war in the Middle East began on 28 February 2026.p.6
3. Forward markets reached a historic record with 1,727 TWh traded.p.7
4. Day-ahead volumes fell 6% to 139 TWh while intraday volumes grew 12% to 28 TWh.p.7
5. Spain saw annual electricity prices slightly above French prices in 2025, a configuration not seen since 2019.p.7
6. The day-ahead market price floor was lowered from -500 €/MWh to -600 €/MWh from the auction of 28 May 2026.p.8
7. 2,211 actors were registered with the CRE (+9%) and about fifty cases were under analysis.p.13
8. The number of transaction events processed by the CRE grew by more than 60% between 2024 and 2025, and order events by 125%.p.19
9. Between 2014 and 2025 the CRE opened twenty-four REMIT investigations, 14 on electricity and 10 on gas.p.23