In December 2025, European energy markets showed a generally stable trend, with a marked divergence between gas and electricity. Gas prices fell, supported by mild weather conditions, still adequate storage, and ample LNG availability: in December, the TTF stood at around € 27,7 / MWh and PSV to € 30,7 / MWh, while the annual average for 2025 is equal to €36,3/MWh for the TTF e €38,5/MWh for the PSV.
Electricity pricesica have instead remained high, especially in Italy, with a Average PUN for December equal to €115,5/MWh and a Average annual PUN 2025 of €115,3/MWh, well above the main European markets. Electricity prices are also supported by CO₂ prices, which are at high levels, between €85 and €87/ton, at its highest since the end of 2023.
On the national environmental markets front, the Energy Efficiency Certificatesica (TEE) they are around €248/toe, While the Guarantees of Origin (GO) remain at very low values, close to € 0,2 / MWh, although showing signs of a slight recovery from the lows of the year.
For further information, please refer to the Energy and Environmental Markets update note.
