Across Europe, power prices are behaving in ways that are leaving even seasoned market participants questioning what they’re seeing. From negative prices to seemingly counterintuitive flows between some price zones, the electricity system is becoming harder to interpret, and certainly more complex.

On April 6, negative prices of EUR -15,000/MWh in Belgium's balancing market highlighted just how volatile and weather-driven Europe's power system has become. But are these signals a sign of dysfunction, or simply the reality of a system in transition?

So, what’s really going on beneath the surface?

In this episode, we unpack what’s driving so-called “odd” or “irrational” pricing across Europe, from the rise of renewables and battery storage to the increasing role of algorithmic trading and complex market design. We also explore whether market participants are equipped to handle this growing complexity, and what risks and opportunities lie ahead.

#EnergyMarkets #PowerMarkets #ElectricityPrices #EnergyTransition #Renewables #NegativePricing #EnergyTrading #Volatility #EuropeanEnergy #GridSystems #EnergyCrisis #ElectricityMarket #NetZero #BatteryStorage #AlgoTrading

Host:
Richard Sverrisson – Editor-in-Chief, Montel News

Guests:
Alina Trabattoni – Italy Correspondent, Montel
Frank Boerman-Lima – Flow-Based Capacity Calculation Expert, TenneT
Julien Jomaux – Energy & Power Consultant

Editor:
Oscar Birk 

Producer:
Alexandra Carlon

A fragile ceasefire in the Gulf offers a moment of relief;  but is it already beginning to unravel and will it have lasting implications for gas supply in the region and far beyond?

Recorded on the morning of April 9, amid fast-moving geopolitical developments, this special episode examines what the latest developments mean for global energy markets, LNG flows, and Europe’s energy security.

Is this ceasefire a genuine turning point, or simply a pause before further escalation? 

Host Richard Sverrisson speaks with Montel’s Deputy Editor-in-Chief Laurence Walker, before diving deeper with leading analysts Ana Maria Jaller-Makarewicz and Arne Lohmann-Rasmussen. Together, they unpack the reality behind halted LNG tankers, the uncertainty surrounding the Strait of Hormuz, and the growing risks facing global gas markets.

As tensions remain high and clarity remains low, one thing is certain: energy markets are entering a new phase of volatility.

#EnergyMarkets #LNG #Geopolitics #GulfCrisis #Ceasefire #GasMarkets #EnergyCrisis #EuropeEnergy #StraitOfHormuz #GlobalEnergy #EnergySecurity #Commodities #Podcast #EnergyTransition

Host
Richard Sverrisson – Editor-in-Chief, Montel News

Guests
Laurence Walker, Deputy Editor-in-Chief, Montel News
Ana Maria Jaller-Makarewicz, Lead Energy Analyst (Europe), IEEFA
Arne Anders Lohmann Rasmussen, Chief Analyst, Global Risk Management

Editor
Oscar Birk & Alexandra Carlon 

Producer
Alexandra Carlon 

In this episode of Plugged In, we return to Power Purchase Agreements (PPAs) and their role in Europe’s energy transition.

After years of rapid expansion, the PPA market hit a slowdown in 2025. Falling capture rates, rising negative prices and increasing volatility have made deals harder to structure and price, forcing both buyers and sellers to rethink how risk is shared.

At the same time, renewable capacity continues to grow, reshaping price dynamics and pushing the market into a more complex and mature phase.

So is this a temporary slowdown… or a fundamental shift in how the PPA market works?

Richard speaks to Luca Pedretti, COO and co-founder of Pexapark, and Chirag Ahuja, Implementation Director at Broadpeak Partners, to break down the data, trends and structural changes shaping the market. Setting the scene is our Italy correspondent, Alina Trabattoni.

Host: Richard Sverrisson – Editor-in-Chief, Montel News

Guests:
Alina Trabattoni – Italy Correspondent, Montel
Luca Pedretti – COO & Co-founder, Pexapark
Chirag Ahuja – Implementation Director, Broadpeak Partners

Editor: Oscar Birk
Producer: Alexandra Carlon

#EnergyMarkets #PPAs #Renewables #EnergyTransition #PowerMarkets #BatteryStorage #CleanEnergy #EnergyTrading #ElectricityMarkets #NetZero

In this episode of Plugged In, we turn to a topic we haven’t covered often; but one that’s rapidly moving back into the spotlight: coal.

As war in the Middle East disrupts LNG supply chains and drives gas prices sharply higher, European power markets are being forced to adapt. With gas-fired generation becoming increasingly expensive, coal is, at least temporarily, regaining economic relevance.

We’re now seeing early signs of increased coal imports, particularly in key markets like Germany, alongside shifting profitability dynamics between coal and gas-fired generation.

So is this just a short-term market reaction… or a more significant structural change? 

Richard  speaks to Toby Hassall, Lead Analyst at London Stock Exchange Group, and Firat Ergene, Lead Insight Analyst at Kpler, join the podcast to break down the data, covering fuel switching, regional demand, price dynamics, and what forward markets are signalling for winter and beyond. Setting the scene is our own Laurence Walker.  

Host: Richard Sverrisson – Editor-in-Chief, Montel News

Guests:
Laurence Walker – Deputy Editor-in-Chief, Montel News
Toby Hassall – Lead Analyst, London Stock Exchange Group
Firat Ergene – Lead Insight Analyst, Kpler

Editor: Oscar Birk
Producer: Alexandra Carlon

In the third episode of our energy crisis miniseries, we turn to Europe’s power markets, where rising gas prices, renewed volatility and political uncertainty are once again putting the electricity system under pressure.

Although the current crisis is not a repeat of 2022, it is exposing fresh vulnerabilities; from low hydro levels in the Nordics and gas storage concerns in western Europe, to growing questions over market design, interconnectors and the pace of the energy transition.

So how resilient is Europe’s power system this time around? And what happens when geopolitical shocks collide with an increasingly complex power market?

Richard is  joined by Montel analysts Jean-Paul Harreman, Fintan Devenney and Priyanka Shinde to unpack the impact across Europe;  from battery revenues and price spikes to liquidity risks, policy shifts and the regions most exposed in the months ahead.

Host: Richard Sverrisson – Editor-in-Chief, Montel News

Guests:

Jean-Paul Harreman – Director, Analytics, Montel

Fintan Devenney – Market Expert, Consultancy, Montel

Priyanka Shinde – Market Expert, Nordic, Montel

Julia Demirdag – Germany Correspondent, Montel News

*** This episode was recorded on Wednesday before attacks on Qatari and Iranian energy infrastructure. But the message from the guests is still highly relevant - the wholesale gas market has not fully priced in the geopolitical risk premium. 

In this second episode of our special series on the war in Iran and its implications for energy markets, we focus on a potential looming gas crisis. As Europe enters the crucial storage refill season with lower-than-usual inventories and a far more complex global backdrop.

Competition for LNG is intensifying, particularly between Europe and Asia, while geopolitical tensions in the Middle East are raising the risk of supply disruption and renewed price volatility.

So how exposed is Europe this time around? And could this crisis prove even more severe than 2022?

Riichard speaks to Saul Kavonic, Head of Energy Research at MST Marquee, who warns that the current disruption could trigger a deeper global gas shock.

In addition, Ole Hvalbye, Commodities Analyst at SEB Research, joins from the trading floor to break down price scenarios, storage risks, and what comes next for LNG supply.

Host: Richard Sverrisson – Editor-in-Chief, Montel News

Guests: 

Saul Kavonic -  Head of Energy Research, MST Marquee

Ole  Hvalbye - Commodities analyst at SEB Research

Laurence Walker - Deputy Editor-in-Chief, Montel News

Editor: Oscar Birk 

Producer: Alexandra Carlon

#EnergyCrisis #GasMarkets #LNG #NaturalGas #EuropeanGas #EnergyMarkets #Commodities #TTF #EnergySecurity #Geopolitics #MiddleEast #OilAndGas #EnergyTransition #MarketVolatility #GlobalEnergy #Podcast #EnergyPodcast #Montel #PluggedIn

As wholesale markets remain nervous and volatile, there are renewed calls for policymakers to intervene to shield large energy users from spiking prices. But are markets failing? And could ill-conceived, knee-jerk interventions disrupt the EU’s internal energy market?

Rising geopolitical tensions and disruption to key global shipping routes have pushed gas, power and oil prices sharply higher in recent weeks. While Europe’s energy system is better prepared than it was during the 2022 crisis, volatility in wholesale markets has revived concerns about the impact of rising energy costs on industry.

In this episode, Richard speaks with Montel’s EU correspondent about the options being considered in Brussels ahead of a key meeting of EU leaders, before discussing with experts from the power sector and energy-intensive industry whether Europe could be facing another energy shock, why electricity prices remain structurally high for manufacturers, and whether calls for market intervention risk undermining the EU’s internal energy market.

Host: Richard Sverrisson – Editor-in-Chief, Montel News

Guests: 

Cillian O’Donoghue – Policy Director, Eurelectric
Adina Georgescu – Energy and Climate Director, European Metals
Fatima Sadouki – EU Correspondent, Montel News

Editor: Alexandra Carlon

Producer: Alexandra Carlon

#EnergyMarkets #EuropeanEnergy #EnergyPolicy #EnergyCrisis #ElectricityMarkets #EnergyTransition #EnergyTrading #EnergySecurity #EnergyEconomics #CleanEnergy #EnergyPodcast

Italy has launched one of the most controversial proposals in the European energy market in years.

In a bid to lower electricity prices and boost the competitiveness of Italian industry, the government has proposed shifting the cost of carbon emissions from gas-fired power plants to consumers. Supporters say the move could reduce wholesale power prices and ease pressure on businesses facing high energy costs.

But critics warn it could undermine the foundations of the EU Emissions Trading System (ETS); the cornerstone of Europe’s climate policy.

In this episode, Richard speaks with international experts about why carbon prices have been falling, what Italy’s proposed reforms could mean for the power market, and the potential impact on renewable investment and corporate PPAs. They also discuss whether the proposal could distort electricity markets across Europe and the legal challenges the European Commission may raise.

Host: Richard Sverrisson - Editor-in-Chief, Montel News

Guests: Hæge Fjellheim - Head of Carbon Analysis at Veyt
               Gaia Stigliani - Senior Principal at AFRY Management Consulting
               Lorenzo Parola - Managing Partner at Parola Associati
               Enza Tedesco - Montel News

Editor: Oscar Birk

Producer: Alexandra Carlon

#EnergyMarkets #EUETS #EnergyTransition #CarbonMarkets #ClimatePolicy #EnergyPolicy #RenewableEnergy #EnergyTrading #EnergyEconomics #EuropeanEnergy #CleanEnergy #Decarbonisation #EnergyPodcast 

Middle East escalation has put the Strait of Hormuz; the world’s key energy chokepoint, under threat. We assess the impact on Brent crude, European gas (TTF), and global LNG, with a focus on Qatar’s supply and Europe’s exposure.

Joined by Hussein Ibish, Senior Resident Scholar at the Arab Gulf States Institute, Dan Marks, Research Fellow for Energy Security at RUSI, and Henning Gloystein, Eurasia Group, they discuss whether Iran would truly close Hormuz, the risks to shipping and infrastructure, and what comes next for global energy markets.

Host: Richard Sverrisson - Editor-in-Chief, Montel News

Guests: 

Hussein Ibish - Senior Resident Scholar at the Arab Gulf States Institute

Dan Marks - Research Fellow for Energy Security at RUSI

Henning Gloystein - Eurasia Group

Laurence Walker - Montel News

Editor: Alex Carlon, Oscar Birk

Producer: Alex Carlon

Subscribe to the podcast on our website, via Apple Podcasts or Spotify

#StraitOfHormuz #HormuzCrisis #OilPrices #LNG #QatarLNG #EnergyMarkets #EnergyCrisis #GasPrices #BrentCrude #TTF #EnergySecurity #MiddleEast #Geopolitics #ShippingDisruption #GlobalMarkets #RUSI

This week marks the four-year anniversary of Russia's full-scale invasion of Ukraine - a war which has unearthed new hybrid warfare tactics and the targeting of crucial gas and electricity infrastructure  in the country. 

What has changed this winter for the people of Ukraine, and will Putin's mission to "freeze Ukraine”  and brutally destroy its energy work? 

In this episode, Richard speaks to guests in Kyiv about the daily realities that the people of Ukraine have experienced this winter without access to heat and power, and the scale of the repair and recovery that energy workers are doing on the ground every day. Listen also to the broader implications of ongoing war on Europe's energy security, and why energy infrastructure has become a prominent war target.

Host: Richard Sverrisson - Editor-in-Chief, Montel News

Guests: 

Yuriy Onyshkiv from - Senior Gas Analyst, London Stock Exchange Group

Oleksiy Povolotskiy - Head of Recovery Office, DTEK

Kristian Ruby - Secretary General Eurelectric

Editor: Oscar Birk

Producer: Sarah Knowles

Subscribe to the podcast on our website, via Apple Podcasts or Spotify