Bids until noon, prices before one
Producers, suppliers and traders send in their bids for each quarter-hour of the next day until 12:00 CET. An algorithm called Euphemia then matches the bids of the whole continent in one go, taking into account how much power each border can carry. The results are usually out before 13:00, and sites like this one show them a few minutes later.
The last plant needed sets the price
Every seller offers power at a price that covers its running costs. Wind and solar ask for almost nothing, nuclear and hydro for a bit more, gas-fired plants for a lot more. The auction lines these offers up from cheapest to dearest until demand is covered, and the last offer that is still needed sets the price for everyone in that quarter-hour.
This is why a gas plant can set the price on a day when it only supplies a small share of the power, and why prices drop so sharply once sun and wind can cover demand on their own.
Same price as the neighbours?
Share of hours over the last 30 days in which this market had the same price as each neighbouring market (gap under €0.50/MWh), the average gap, and how often this market was the cheaper one.
Over the last 30 days Germany & Luxembourg had the same price as West Denmark (DK1) in 27% of all hours. Across Europe the cheapest and the dearest market were on average €145.42/MWh apart per day; on 20 October 2026 prices ranged from €117.25/MWh in Sweden (Stockholm, SE3) to €326.57/MWh in Hungary.
| Neighbouring market | Same price | Avg. gap €/MWh | Germany & Luxembourg cheaper |
|---|---|---|---|
 West Denmark (DK1) | 27% | 8.6 | 13% |
 Netherlands | 22% | 9.6 | 50% |
 France | 12% | 18.2 | 61% |
 Czechia | 12% | 16.9 | 33% |
 Austria | 11% | 37.3 | 79% |
 Poland | 7% | 31.5 | 27% |
 Switzerland | 1% | 38.2 | 84% |
Official day-ahead prices of the European market coupling: hourly until September 2025, quarter-hourly since October 2025. Figures calculated by us.
Why neighbours sometimes pay very different prices
As long as the lines between two countries have spare room, power flows from the cheaper side to the dearer one until the prices meet. When a line is full, the markets split and each side gets its own price. That is how southern Sweden can be far cheaper than Germany on the same afternoon, or Spain cheaper than France.
What it means for you
On a fixed-price contract the auction reaches you only indirectly, when your supplier sets next year's tariff. On a dynamic tariff you pay the auction price for every quarter-hour, plus network charges and taxes. Either way, tomorrow's prices are known by early afternoon, which leaves plenty of time to plan the washing machine or the car.
Belgium
Luxembourg
Germany
Italy
Hungary
Slovenia
Spain
Portugal
Sweden
Norway
United Kingdom