European power & gas curves (past 12 months) and near-term outlook Over the past year European wholesale power and TTF gas curves showed a clear seasonality plus episodic volatility. Wholesale day-ahead electricity averages fell from the post-crisis peaks seen in 2022 and 2023 and remained relatively subdued through 2024, aided by cheaper gas and growing renewables output; by 2024 the EU average day-ahead price had dropped into the low-€80s/MWh range. Gas, however, moved more