Market insight papers
Argus European Electricity Market Preview — Winter 2026-27
Europe enters winter 2026-27 with low gas stocks, weak hydro reserves and LNG supply uncertainty. Argus examines the key risks for power markets.
Europe heads into the 2026-27 winter facing a challenging mix of low gas inventories, depleted hydropower reserves and ongoing uncertainty over global LNG supply. Elevated gas prices have reshaped thermal generation economics, while concerns around weather risk, nuclear availability and hydro balances are reshaping power market fundamentals across the continent. In this paper, Argus examines the key questions shaping Europe's winter power outlook:
- How will uncertainty over LNG supply and higher gas prices influence European power markets this winter?
- To what extent will nuclear outages, low hydro reserves and weather-driven generation risks tighten regional power balances?
- Which markets are most vulnerable to winter price spikes, and where could supply prove more resilient?
- How will interconnection, imports and changing power flows reshape regional market relationships across Europe?
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About Argus Media
As a leading authority on energy and commodity markets across the globe, Argus is uniquely positioned to provide in-depth analysis and expert thought leadership. Our white papers are carefully written by Argus specialists from across our company. Each white paper focuses on a topical theme, exploring areas such supply and demand dynamics, price trends, trading activity and changing regulations. We always aim to provide a balanced view, underpinned by data and insight gathered first hand from the market.