Gas Consumption Above the Three-Year Average and Its Impact on the Spot Market: Electricity Rose to 536 lei/MWh in March — NRG-IA

Market Context at the End of the Cold Season The specific winter consumption season of 2025-2026 officially ended on March 31st, leaving behind a complex picture of the natural gas market in Romania. According to recent data, national gas consumption this winter recorded a 4% increase compared to the average of the last three years, even though, in absolute terms, there was a slight decrease compared to the previous year. This above-average consumption volume was primarily driven by unusually low temperatures recorded in January, which forced sustained extraction from storages and maintained high demand on wholesale markets. Factor Analysis: How Gas Dictates Electricity Prices The situation of natural gas prices cannot be analyzed independently of the electricity market, where gas often plays the role of the marginal fuel, dictating the market clearing price. A spring anomaly became evident in March: although, logically and historically, prices should have fallen amid warming weather…