This report explores the key risks facing the Nordic power market this winter and what they mean for businesses, as hydrological deficits, tight European gas supplies and geopolitical uncertainty increase exposure to high and volatile power prices.
Energy Insights Report
Significant challenges ahead of critical winter months
The Nordics have, given both the big hydrological deficit in the region, the very high gas prices and the huge geopolitical uncertainty, not been in a fundamentally more exposed situation ahead of a winter since the energy crisis in 2022.
The weather forecasts suggest varying weather through the winter months, including mild periods, but also with high risk of recurring cold spells and Dunkelflaute, which could cause noticeable price spikes on the Nordic power market.
The report dives into the implications for businesses.
Peter Nikolaj Krebs, VP Customer Trading
The risk of a prolonged period with high prices means that Nordic businesses could be faced with continued energy cost risks. There are significant challenges such as low gas reserves and large hydrological deficits, which will not be immediately resolved, hence prices will be high – the question is how high.
Key highlights in the report:
- During 2026, spot prices in the Nordics have been the highest since the energy crisis in 2022 and proves an Energy Sourcing Strategy can both mean lower costs and stability.
- Europe has the most stressed gas reserves situation since 2022 when the war in Ukraine started, with the gas price recently reaching the highest price level since the energy crisis.
- Both the Nordics and Continental Europe are are ill-prepared for the winter as they are entering winter with significant hydrological deficits, and price risks are high.
- Negative prices are becoming significantly less frequent in the Nordics as producers are getting better at optimizing their production and more frequently are shutting down production when prices approach zero.
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