The ongoing geopolitical tensions, particularly the 2026 Iran war, have increased global gas price volatility, impacting European electricity markets. Gas prices on the Title Transfer Facility (TTF) have surged, leading to day-ahead electricity prices in Italy and Germany exceeding €120 - 150/MWh. Despite a reduction in gas's share of electricity generation, its role in price formation remains significant, particularly in markets like Italy and Germany where gas sets the marginal price more frequently.
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