Energy markets have firmed in the opening days of November, driven by expected lower wind output, fluctuating Norwegian gas flows, and renewed geopolitical uncertainty. While fundamentals remain broadly supportive, winter risk and supply‑side volatility are adding upward pressure.

Electricity Market Movements

> Forward power prices have ticked higher as lower renewable forecasts and geopolitical tensions influence winter‑delivery contracts.

> A surge in wind generation and improved nuclear output helped push short-term prices down, but declining wind speeds expected over the coming weeks may cause volatility.

> Returning nuclear capacity and solid system margins continue to help anchor longer‑dated power prices.

Gas Market Movements

> Gas prices strengthened early in the month as falling wind output and variable Norwegian flows supported demand.

> Strong LNG supply continues to provide a buffer, but weather risks and export demand into Europe are keeping prompt markets supported.

> Geopolitical tensions and uncertainty around Ukrainian infrastructure have helped maintain risk premiums across winter‑delivery periods.

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