GEM Energy Analytics
Insights on the energy sector, with an focus on the European electricity markets.
- Indexed issues, last 90 days
- 6
- Latest publication
- Sep 28, 2026
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- Jul 13, 2026
Latest issues
When capacity tariffs hold back flexibility (opens the original)
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Electricity systems often pursue objectives that are each sensible on their own, but that can work against each other once they meet. In this post, I look at one of those conflicts.The first objective is to consume electricity when it is in surplus. On sunny and windy days, Europe increasingly produces more than it can use, and wholesale prices drop sharply, sometimes well below zero. That price is a clear signal1: using more electricity in those hours helps absorb renewable output that would ot
The evolution of the spread : 2026 update (opens the original)
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Spreads on the day-ahead market: why it matters?The daily spread, and in particular the Top-Bottom 1 (TB1), measures the difference between the highest and lowest price observed during a given day. As discussed in previous posts, I believe this indicator will become increasingly important in a power system that is progressively shaped by batteries and other forms of flexibility. In that context, the fact that
Going further on overlapping aFRR merit orders (opens the original)
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I have recently published a post on overlapping aFRR merit orders and in the present post, I want to go a little deeper on some consequences. This is certainly a more niche subject and I realize that not all the readers might be interested. But don’t worry, I still plan to publish on more general topics in the coming weeks. The value of counter-activationsWithout going into the reasons why counter-activations have been made impossible within PICASSO (<a href="https://eepublicdownloads.entsoe.eu/
Overlapping aFRR Merit Orders and their impact on CBMP (opens the original)
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In this post, we will discuss an interesting phenomenon that has recently caught my attention: the frequency and relatively high volume of down aFRR activations priced higher than up aFRR activations. This post is a continuation of previous posts I made on PICASSO (on PICASSO, and on the impact of an extreme aFRR bid). In addition, I have also updated the small app created for visualizing the CBMP p
Updates on the German electricity market (opens the original)
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Despite continued growth in solar generation, negative price hours have stopped increasing, solar capture rates have shown some signs of recovery, and the relationship between day-ahead and balancing markets continues to get closer as market integration and flexibility increase.In this post, I review the latest developments in German power prices using data from <a href="https://www.energy-
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