Commodity Market Report
North America power markets short-term outlook: October 2025
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*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
Report summary
2025 has been a bounce back year for power prices as high natural gas price to begin the year and hot weather over the summer (particularly in the northeast) drove increased volatility. Going forward, data center penetration will be of growing importance to prices particularly in a tightening supply environment. The gap between these growing demand forecasts and how quickly new supply can be brought online will be the defining factor for where prices will go over the next few years.
Table of contents
- Demand growth remains vitally important to fundamentals while the OBBBA helps shape the supply picture
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What's included
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