Energy prices · every Monday
PUN and PSV: the week
How electricity and gas prices moved in the week just ended, put into words: what happened, why, and what to watch in the days ahead.
The EKA team · a note every Monday
The week from 28 September to 4 October 2026
Gas falls again, the PUN stays above €200/MWh: the wind fell short
Electricity
From 28 September to 4 October the PUN Index GME stayed almost flat: on average €201/MWh, less than half a euro below the previous week (GME, weekly results, PDF in Italian). Purchases on the day-ahead market fell by a few points and gas went down, but the wind fell short: wind energy sold more than halved and renewables as a whole fell by about a sixth, while energy from gas-fired plants stayed the same. Peak hours became slightly more expensive, the others went down.
Gas
Gas on the GME day-ahead market (MGP-GAS), delivered at the PSV, the virtual trading point, fell for the second week running: on average €75/MWh in continuous trading, a couple of euros less than the previous week and a few euros below the September average (GME, weekly results, PDF in Italian). September had been a month of rises, and according to ARERA geopolitical instability is still keeping energy commodity prices high, gas above all. This time the fall in gas did not show in electricity.
What to watch this week
The week started on the rise: for Monday 5 and Tuesday 6 October the day-ahead market set the PUN above last week’s average, and Monday’s gas rose again. For energy-intensive and gas-intensive companies there is a deadline: the CSEA portal for the 2027 lists stays open until 16 November.
This week’s sources
- GME, electricity market results, week no. 40/2026 (PDF, in Italian)
- GME, gas market results, week no. 40/2026 (PDF, in Italian)
- GME, gas market results, week no. 39/2026 (PDF, in Italian)
- GME, average monthly gas price, September 2026 (PDF, in Italian)
- GME, the gas market: MGP-GAS and PSV (in Italian)
- GME, home page: day-ahead market results, electricity and gas (in Italian)
- ARERA, press release of 29 September 2026 on the fourth quarter of 2026 (in Italian)
- ARERA, press note of 2 October 2026 on September gas (in Italian)
- CSEA, circular no. 47/2026/ELT (electricity-intensive companies, year 2027, in Italian)
- CSEA, circular no. 46/2026/GAS (gas-intensive companies, year 2027, in Italian)
What the PUN and the PSV are
The PUN is the wholesale price of electricity in Italy, hour by hour, on the GME day-ahead market; today its name is PUN Index GME. The PSV, the virtual trading point, is the place on the national network where gas is traded: its price is the wholesale gas benchmark. Indexed electricity and gas offers almost always start from here.
What the PUN and zonal prices are, and which of the two concerns you: the guide.
Why in words
The GME publishes the prices, day by day. Here we say what they mean. Every day we send active clients the market report: PUN, PSV, zonal prices, forward prices, the price captured by photovoltaics in each zone.
The first step
The market report, every day
For those who consume and those who produce: prices read at the source, and what they change for you.