European forward annual power contracts rose Wednesday after natural gas hit a
43-month high following overnight US and Iran air strikes. French year‑ahead
baseload climbed 6.2% to €78.25/MWh, its highest since Dec 2024; German
year‑ahead baseload rose 2.6% to €123/MWh. Forward curves were firmer across
maturities, with near‑month and near‑season contracts also higher. EnergyScan
said the ongoing gas rally, approaching winter, low gas inventories and
drought‑reduced hydro reservoirs are sustaining support for the near end of the
forward curve. Spot power in Germany and France fell as wind generation
rebounded and residual load dropped.