PUN and PSV, week 40 of 2026

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 that 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.

The other weeks

This week’s note.