Storage capacity prices highest since 2012

Gas Terra runs a bi-annual auction for storage capacity. This is one of the most transparent benchmarks for market pricing of seasonal storage flex. The chart shows depressed storage prices across the 2014-18 period, with auctions clearing at an average of 2.0-2.5 €/MWh. But a recovery in TTF seasonal price spreads in 2019 has seen capacity prices more than double over the last year.  The late 2019 auction cleared at 4.9 €/MWh, levels not seen since 2012.