Large increase in turnover in July on the gas futures market

• In July 2025, the volume-weighted average price of electricity on the Day-Ahead Market (DAM) on the Polish Power Exchange (TGE) was PLN 95.41/MWh higher than a month earlier. The annual contract with baseload delivery in 2026 became slightly cheaper in July 2025 compared to June 2025.
• The volume-weighted average gas price on the Day-Ahead and Intraday Gas Market (DAM&IDMg) in July 2025 was lower than in June 2025. The weighted average price of the contract for gas delivery in 2026 also decreased slightly.
• The weighted average price of guaranteed electricity generated from renewable energy sources in July 2025 was slightly lower than a month earlier. Month-on-month prices for so-called white certificates also decreased in July 2025.

The Polish Power Exchange (TGE) summarized what happened in July 2025 on the markets it operates.

In July 2025, the liquidity of the electricity futures market will be lower than a year earlier

In July 2025, electricity trading on TGE amounted to 8,715,240 MWh, a 28.6% drop compared to July 2024. Trading volume on the forward market declined particularly sharply. In July 2024, it amounted to 7,794,217 MWh, and in July 2025, only 4,628,316 MWh.

The average volume-weighted energy price on the Day-Ahead Market (DAM) in July 2025 was PLN 445.99/MWh and was PLN 95.41/MWh higher than in June 2025.

On the Futures Market for Products with electricity delivery (RTPE), the weighted average price of the annual contract with baseload delivery in 2026 (BASE_Y-26) in July 2025 amounted to PLN 414.53/MWh, which is a decrease of PLN 4.94/MWh compared to the same price of this contract in the previous month.

In July 2025, gas trading on the futures market exceeded 20 TWh, which was almost 98% higher than a year earlier.

In July 2025, natural gas market turnover reached 21,968,356 MWh, representing a year-on-year increase of 84.1%. Of note is the high turnover on the forward market, which reached 20,682,866 MWh in July 2025, compared to 10,463,697 MWh a year earlier.

The average volume-weighted gas price on the Day-Ahead and Intraday Gas Market (RDNiBg) in July 2025 was PLN 161.67/MWh and was PLN 15.89/MWh lower than in the previous month.

In turn, on the Futures Market for Products with gas delivery (RTPG), the weighted average price of the contract with gas delivery in 2026 (GAS_BASE_Y-26) amounted to PLN 166.88/MWh in July this year, which is PLN 3.54/MWh less than the corresponding price of this contract in June 2025.

In July 2025, the trade in property rights for electricity generated from renewable energy sources will be over 30% lower than a year earlier

The volume of trade in property rights for electricity generated from renewable energy sources in July 2025 amounted to 1,091,552 MWh, which represents a year-on-year decrease of 30.9%.

The average price weighted by the trading volume during the Property Rights Market sessions for the PMOZE_A instrument (so-called green certificates) was PLN 26.94/MWh and was PLN 0.89/MWh higher compared to June 2025.

In July 2025, trading in energy efficiency property rights increased year-on-year by 145.6% to 5,135 toe (toe - tonne of oil equivalent). The weighted average session price of the PMEF_F instrument (so-called white certificates) in July 2025 was PLN 2,271.09/toe, which represents a decrease of PLN 122.13/toe compared to the June 2025 price.

In July 2025 , trading in guarantees of origin for electricity generated from renewable energy sources amounted to 4,588,961 MWh, a 0.1% decrease year-on-year. The weighted average price of guarantees for electricity generated from renewable energy sources in July 2025 was PLN 6.78/MWh, which is PLN 1.89/MWh higher than in the previous month.