Europe & Russia

Electricity prices in Western Europe are expected to remain supported by high carbon and commodity prices this winter. Despite lower prices at European gas hubs, coal is still forecast to displace gas at times of peak power demand, especially in the event of a spike in power prices. Heating-related power demand is forecast to be largely stable this winter, with temperatures forecast to be near to or slightly above the seasonal average. 

Despite some volatility, carbon prices are expected to hold on to gains made since...