{"id":24351,"date":"2026-02-25T12:03:00","date_gmt":"2026-02-25T11:03:00","guid":{"rendered":"https:\/\/stg.engiedotcom.myengie.com\/?post_type=articles&#038;p=24351"},"modified":"2026-04-29T12:40:24","modified_gmt":"2026-04-29T10:40:24","slug":"energy-market-understanding-the-challenges-for-2026-with-laurent-nery","status":"publish","type":"articles","link":"https:\/\/www.engie.com\/en\/explore\/news\/energy-market-understanding-the-challenges-for-2026-with-laurent-nery\/","title":{"rendered":"Energy market: understanding the challenges for 2026 with Laurent N\u00e9ry"},"content":{"rendered":"\n\n<div id=\"block_0a3ff77122272a3cde63fd4fecdd6275\" class=\"cp-edito-herobanner relative teq-container  noBg z-0 !pt-[115px] lg:!pt-[150px]\">\n    <!--<div class=\"auras-bg  w-screen left-1\/2 -translate-x-1\/2\" data-color=\"soft\"><\/div>-->\n    <div class=\"teq-grid relative z-0\">\n        <div class=\"col-span-12  px-0 lg:col-start-2 lg:col-span-10 hero-top\">\n\n            <div 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     <\/div>\n\n                            <div class=\"title mt-4\">\n                    <h1 data-trad class=\"nj-heading--2xl nj-weight--bold flex flex-col \">\n                        <p>Energy market: understanding the challenges for 2026 with Laurent N\u00e9ry<\/p>\n                    <\/h1>\n                <\/div>\n            \n            <div class=\"infos flex flex-wrap items-center gap-16 mt-32\">\n\n                                    <div class=\"tags flex flex-wrap gap-8 items-center\">\n                        <div class=\"nj-tag nj-tag--sm bordered nj-tag--green\">\n    <p class=\"nj-tag__text force-dark\" data-trad>\n        Energy transition    <\/p>\n<\/div>\n    <!--\n    <div class=\"nj-tag\">\n        <p class=\"nj-tag__text\">tag<\/p> <span aria-hidden=\"true\" class=\"nj-tag__icon nj-icon-material material-icons\">check<\/span>\n\n    <\/div>\n    -->\n\n                    <\/div>\n                \n                                    <div class=\"time flex gap-4 items-center whitespace-nowrap nj-color--signature\">\n                        <span aria-hidden=\"true\" class=\"material-icons nj-icon-material nj-icon-material--blue\">schedule<\/span>\n                        <span data-trad>Published on<\/span> <span class=\"lowercase\" data-trad> 25 Feb. 2026<\/span>\n                    <\/div>\n                \n                            <\/div>\n        <\/div>\n    <\/div>\n    <div class=\"teq-grid  lg:mt-80 relative w-[100vw] left-1\/2 !pb-0 -translate-x-1\/2 toPin px-0 z-10\">\n        <div class=\"img col-span-12 nj-bg--dark mt-8 lg:mt-0 relative\">\n            <div class=\"nj-fluid-progress-bar absolute -top-[6px] left-0 w-[90%] lg:w-[75%]\"><\/div>\n                        <div class=\"flex justify-center items-center w-full nj-bg--ultramarine py-0 lg:py-[164px] lg:h-screen media-c\">\n                <div class=\"w-full h-full lg:h-screen overflow-hidden\">\n                    <div class=\"w-full h-full lg:h-screen overflow-hidden relative\">\n\n                                                    \n                            <picture class=\"block w-full h-full scale-[1.3] media scale-125 \" style=\"margin:  0 auto\">\n                                <source media=\"(max-width: 767px)\"\n                                    srcset=\"https:\/\/www.engie.com\/app\/uploads\/2026\/04\/imgi_9_header_nery.jpg\" \/>\n                                <source media=\"(min-width: 768px)\"\n                                    srcset=\"https:\/\/www.engie.com\/app\/uploads\/2026\/04\/imgi_9_header_nery.jpg\" \/>\n                                <!--TODO AMBRE if zoom ajotuer classe : open-modal-zoom cursor-pointer  -->\n                                <img decoding=\"async\" class=\"w-full h-full object-cover\"\n                                    loading=\"eager\"\n                                    fetchpriority=\"high\"\n                                    src=\"https:\/\/www.engie.com\/app\/uploads\/2026\/04\/imgi_9_header_nery.jpg\"\n                                    alt=\"\" \/>\n                            <\/picture>\n\n                        \n                        \n                        \n                        <div class=\"transcription hidden\" data-video=\"\" data-video-webm=\"\">\n                                                    <\/div>\n\n                    <\/div>\n                <\/div>\n            <\/div>\n        <\/div>\n    <\/div>\n<\/div>\n\n\n\n<div id=\"block_1f1db9f97f71c8a2799591a498f5f24e\" class=\"cp-introdution teq-container relative nj-aura nj-aura--white\">\n    <div class=\"teq-grid\">\n        <div class=\"col-span-6 lg:col-start-3 lg:col-span-8 2xl:col-span-6 2xl:col-start-4 relative top text-center\">\n                        <div class=\"nj-heading--sm relative z-10 nj-color--grey-1000\" data-trad data-trad-html>\n                <div class=\"el-wysiwyg data-trad\">\n    <p>Laurent N\u00e9ry, Head of Market Analysis at ENGIE, reviews recent trends in energy markets and shares key insights.<\/p>\n<\/div>\n            <\/div>\n            \n                    <\/div>\n    <\/div>\n<\/div>\n\n\n\n<div id=\"block_40dccb315b5d88a6999ca8472ab0d876\" class=\"cp-accordion teq-container  relative nj-aura nj-aura--white\">\n  <div class=\"teq-grid\">\n        <div class=\"col-span-12 col-start-1 lg:col-span-10 lg:col-start-2\">\n      <h2 id=\"the-electricity-market-and-the-evolution-of-the-energy-mix-in-europe\" class=\"nj-heading--xl mb-32\" data-trad>\n          The electricity market and the evolution of the energy mix in Europe\n      <\/h2>\n    <\/div>\n        <div class=\"col-span-12 col-start-1 lg:col-span-10 lg:col-start-2\">\n      <div class=\"nj-accordion\">\n\n                                  <details class=\"nj-accordion-item !bg-transparent\">\n                                  <summary> \n                    <span class=\"nj-accordion-item__label nj-heading--xs\" data-trad>\n                      How is the electricity generation mix evolving in Europe?                    <\/span>\n                    <span aria-hidden=\"true\" class=\"material-icons nj-icon-material nj-accordion-item__toggle\">expand_more<\/span>\n                  <\/summary>\n                                                  <div class=\"nj-accordion-item__content wysiwyg force-dark\" data-trad data-trad-html>\n                    <p>Momentum toward renewables is very strong. In 2025, wind and solar alone accounted for 30% of electricity generation in Europe, more than gas and coal combined. Including hydropower, renewables approach 50% of total generation.<\/p>\n                  <\/div>\n                              <\/details>\n                          <details class=\"nj-accordion-item !bg-transparent\">\n                                  <summary> \n                    <span class=\"nj-accordion-item__label nj-heading--xs\" data-trad>\n                      What factors explain this acceleration toward low-carbon energy?                    <\/span>\n                    <span aria-hidden=\"true\" class=\"material-icons nj-icon-material nj-accordion-item__toggle\">expand_more<\/span>\n                  <\/summary>\n                                                  <div class=\"nj-accordion-item__content wysiwyg force-dark\" data-trad data-trad-html>\n                    <p>With the electrification of uses, industry, and the rise of data centers, the key challenge will be maintaining competitive prices for consumers.<\/p>\n<p>We observe that countries most advanced in renewables, such as Spain, now benefit from lower electricity prices. Moreover, renewables are the only technologies capable of increasing electricity supply in the short term\u2014that is, within the next five years.<\/p>\n                  <\/div>\n                              <\/details>\n                          <details class=\"nj-accordion-item !bg-transparent\">\n                                  <summary> \n                    <span class=\"nj-accordion-item__label nj-heading--xs\" data-trad>\n                      In this context of energy transition, what framework should Europe prioritize?                    <\/span>\n                    <span aria-hidden=\"true\" class=\"material-icons nj-icon-material nj-accordion-item__toggle\">expand_more<\/span>\n                  <\/summary>\n                                                  <div class=\"nj-accordion-item__content wysiwyg force-dark\" data-trad data-trad-html>\n                    <p>The development of renewables requires a stable and predictable framework. Without visibility, investments could slow down. That would drive prices up and trigger negative reactions from consumers and citizens.<\/p>\n                  <\/div>\n                              <\/details>\n                          <details class=\"nj-accordion-item !bg-transparent\">\n                                  <summary> \n                    <span class=\"nj-accordion-item__label nj-heading--xs\" data-trad>\n                      What should we make of increasingly frequent negative electricity prices?                    <\/span>\n                    <span aria-hidden=\"true\" class=\"material-icons nj-icon-material nj-accordion-item__toggle\">expand_more<\/span>\n                  <\/summary>\n                                                  <div class=\"nj-accordion-item__content wysiwyg force-dark\" data-trad data-trad-html>\n                    <p>They are a symptom of a lack of flexibility. As renewables expand, the system must be optimized more finely.<\/p>\n<p>During periods of low wind and solar output, flexible resources are essential: gas-fired power plants, hydropower, batteries, and demand-side management.<\/p>\n                  <\/div>\n                              <\/details>\n                          <details class=\"nj-accordion-item !bg-transparent\">\n                                  <summary> \n                    <span class=\"nj-accordion-item__label nj-heading--xs\" data-trad>\n                      What is the current state of European electricity grids in the face of renewables?                    <\/span>\n                    <span aria-hidden=\"true\" class=\"material-icons nj-icon-material nj-accordion-item__toggle\">expand_more<\/span>\n                  <\/summary>\n                                                  <div class=\"nj-accordion-item__content wysiwyg force-dark\" data-trad data-trad-html>\n                    <p>Renewables are developing faster than the grids. Some interconnections are saturated, and transmission lines take time to build. In this context, the gas network remains a key asset for system flexibility.<\/p>\n                  <\/div>\n                              <\/details>\n                                 \n      <\/div>\n    <\/div>\n\n  <\/div>\n<\/div>\n\n\n\n<div id=\"block_caf8e1a18a57c7fde5fff1c777a7c6c7\" class=\"cp-accordion teq-container  relative nj-aura nj-aura--white\">\n  <div class=\"teq-grid\">\n        <div class=\"col-span-12 col-start-1 lg:col-span-10 lg:col-start-2\">\n      <h2 id=\"the-french-case\" class=\"nj-heading--xl mb-32\" data-trad>\n          The French case\n      <\/h2>\n    <\/div>\n        <div class=\"col-span-12 col-start-1 lg:col-span-10 lg:col-start-2\">\n      <div class=\"nj-accordion\">\n\n                                  <details class=\"nj-accordion-item !bg-transparent\">\n                                  <summary> \n                    <span class=\"nj-accordion-item__label nj-heading--xs\" data-trad>\n                      What is your analysis of France\u2019s specific energy situation?                    <\/span>\n                    <span aria-hidden=\"true\" class=\"material-icons nj-icon-material nj-accordion-item__toggle\">expand_more<\/span>\n                  <\/summary>\n                                                  <div class=\"nj-accordion-item__content wysiwyg force-dark\" data-trad data-trad-html>\n                    <p>France currently produces around 370 TWh of nuclear electricity per year. EDF aims for 400 TWh by 2030. However, over the next five years, demand could increase by about 50 TWh due to electrification and data centers.<\/p>\n<p>In other words, if renewable capacity does not increase, France will export less electricity, which will deteriorate its trade balance. It will need to import more electricity at higher prices than its own.<\/p>\n                  <\/div>\n                              <\/details>\n                          <details class=\"nj-accordion-item !bg-transparent\">\n                                  <summary> \n                    <span class=\"nj-accordion-item__label nj-heading--xs\" data-trad>\n                      What lessons can be drawn from last month\u2019s cold spell?                    <\/span>\n                    <span aria-hidden=\"true\" class=\"material-icons nj-icon-material nj-accordion-item__toggle\">expand_more<\/span>\n                  <\/summary>\n                                                  <div class=\"nj-accordion-item__content wysiwyg force-dark\" data-trad data-trad-html>\n                    <p><a href=\"https:\/\/www.lemonde.fr\/en\/climate\/article\/2026\/01\/05\/cold-snowy-conditions-ground-flights-and-force-train-cancellations-across-northern-europe_6749118_96.html\" target=\"_blank\" rel=\"noopener\">On January 6<\/a>, France had to import electricity, particularly from the United Kingdom, where offshore wind was operating at full capacity. The French system was under strain: 52 GW of available nuclear capacity (out of 62 GW), some solar power at midday, and wind in the evening were not enough.<\/p>\n<p>Gas-fired power plants enabled the system to supply more than 100 GW on January 6, notably thanks to storage. This reminds us that natural gas remains indispensable.<\/p>\n                  <\/div>\n                              <\/details>\n                                 \n      <\/div>\n    <\/div>\n\n  <\/div>\n<\/div>\n\n\n\n<div id=\"block_caa40a5c9f01fcae9b1dbcd60fc7ad5f\" class=\"cp-accordion teq-container  relative nj-aura nj-aura--white\">\n  <div class=\"teq-grid\">\n        <div class=\"col-span-12 col-start-1 lg:col-span-10 lg:col-start-2\">\n      <h2 id=\"global-gas-market-lng-and-the-end-of-dependence-on-russia\" class=\"nj-heading--xl mb-32\" data-trad>\n          Global gas market: LNG and the end of dependence on Russia\n      <\/h2>\n    <\/div>\n        <div class=\"col-span-12 col-start-1 lg:col-span-10 lg:col-start-2\">\n      <div class=\"nj-accordion\">\n\n                                  <details class=\"nj-accordion-item !bg-transparent\">\n                                  <summary> \n                    <span class=\"nj-accordion-item__label nj-heading--xs\" data-trad>\n                      Will gas continue to play a major role in the coming years?                    <\/span>\n                    <span aria-hidden=\"true\" class=\"material-icons nj-icon-material nj-accordion-item__toggle\">expand_more<\/span>\n                  <\/summary>\n                                                  <div class=\"nj-accordion-item__content wysiwyg force-dark\" data-trad data-trad-html>\n                    <p>The liquefied natural gas (LNG) market is entering a new phase of expansion. Available volumes could increase by around 50% over the next five years, driven by massive investments in liquefaction terminals. In 20 years of my career, I have never seen anything like it.<\/p>\n<p>Driven mainly by three countries (the United States, Qatar, and Australia, which produce 60% of global volumes) this abundant supply should help lower prices and support demand, particularly in emerging countries replacing coal with gas, thereby reducing their carbon footprint.<\/p>\n                  <\/div>\n                              <\/details>\n                          <details class=\"nj-accordion-item !bg-transparent\">\n                                  <summary> \n                    <span class=\"nj-accordion-item__label nj-heading--xs\" data-trad>\n                      Where does the European Union stand in its strategy to phase out Russian gas?                    <\/span>\n                    <span aria-hidden=\"true\" class=\"material-icons nj-icon-material nj-accordion-item__toggle\">expand_more<\/span>\n                  <\/summary>\n                                                  <div class=\"nj-accordion-item__content wysiwyg force-dark\" data-trad data-trad-html>\n                    <p>The European Union aims to completely stop imports by November 2027. This final step is largely achievable, as the hardest part has already been done: today, only 10% of Europe\u2019s gas consumption still comes from Russia, compared to 40% before the war in Ukraine.<\/p>\n<p>Demand has also fallen by around 20% over this period, due to high prices, energy savings, and unfortunately, a decline in industrial production in Europe.<\/p>\n                  <\/div>\n                              <\/details>\n                                 \n      <\/div>\n    <\/div>\n\n  <\/div>\n<\/div>\n\n\n\n<div id=\"block_8e62cc11f4e9b406a066c4c73720a5b5\" class=\"cp-accordion teq-container  relative nj-aura nj-aura--white\">\n  <div class=\"teq-grid\">\n        <div class=\"col-span-12 col-start-1 lg:col-span-10 lg:col-start-2\">\n      <h2 id=\"the-alliance-of-the-electron-and-the-molecule\" class=\"nj-heading--xl mb-32\" data-trad>\n          The alliance of the electron and the molecule\n      <\/h2>\n    <\/div>\n        <div class=\"col-span-12 col-start-1 lg:col-span-10 lg:col-start-2\">\n      <div class=\"nj-accordion\">\n\n                                  <details class=\"nj-accordion-item !bg-transparent\">\n                                  <summary> \n                    <span class=\"nj-accordion-item__label nj-heading--xs\" data-trad>\n                      In your view, what key message should we take away for the future?                    <\/span>\n                    <span aria-hidden=\"true\" class=\"material-icons nj-icon-material nj-accordion-item__toggle\">expand_more<\/span>\n                  <\/summary>\n                                                  <div class=\"nj-accordion-item__content wysiwyg force-dark\" data-trad data-trad-html>\n                    <p>The energy transition cannot rely on a single solution. It requires complementarity between electricity and gas. This combination ensures a balanced, reliable, and competitive energy system.<\/p>\n<p>As seen on January 6, gas plays a crucial role in meeting peak demand. A system that is electrified too quickly may struggle during periods of extreme cold.<\/p>\n<p>However, remaining too dependent on fossil fuels is not a solution either, as it exposes us to geopolitical risks. The challenge is therefore to leverage all available tools with a holistic system-wide perspective.<\/p>\n                  <\/div>\n                              <\/details>\n                                 \n      <\/div>\n    <\/div>\n\n  <\/div>\n<\/div>\n\n\n\n<div id=\"block_6fd35915458003034fa5bb6e7ee20ccc\" class=\"cp-accordion teq-container  relative nj-aura nj-aura--white\">\n  <div class=\"teq-grid\">\n        <div class=\"col-span-12 col-start-1 lg:col-span-10 lg:col-start-2\">\n      <h2 id=\"key-takeaways-from-this-interview\" class=\"nj-heading--xl mb-32\" data-trad>\n          Key takeaways from this interview\n      <\/h2>\n    <\/div>\n        <div class=\"col-span-12 col-start-1 lg:col-span-10 lg:col-start-2\">\n      <div class=\"nj-accordion\">\n\n                                  <details class=\"nj-accordion-item !bg-transparent\">\n                                  <summary> \n                    <span class=\"nj-accordion-item__label nj-heading--xs\" data-trad>\n                      Why are electricity prices sometimes negative?                    <\/span>\n                    <span aria-hidden=\"true\" class=\"material-icons nj-icon-material nj-accordion-item__toggle\">expand_more<\/span>\n                  <\/summary>\n                                                  <div class=\"nj-accordion-item__content wysiwyg force-dark\" data-trad data-trad-html>\n                    <p>As Laurent N\u00e9ry explains, negative prices occur when production (often renewable) exceeds demand and the system lacks the flexibility to store the surplus.<\/p>\n                  <\/div>\n                              <\/details>\n                          <details class=\"nj-accordion-item !bg-transparent\">\n                                  <summary> \n                    <span class=\"nj-accordion-item__label nj-heading--xs\" data-trad>\n                      What is the impact of electrification on France\u2019s trade balance?                    <\/span>\n                    <span aria-hidden=\"true\" class=\"material-icons nj-icon-material nj-accordion-item__toggle\">expand_more<\/span>\n                  <\/summary>\n                                                  <div class=\"nj-accordion-item__content wysiwyg force-dark\" data-trad data-trad-html>\n                    <p>If low-carbon production does not keep pace with demand growth (+50 TWh expected), France may be forced to import more expensive electricity, negatively impacting its economy.<\/p>\n                  <\/div>\n                              <\/details>\n                          <details class=\"nj-accordion-item !bg-transparent\">\n                                  <summary> \n                    <span class=\"nj-accordion-item__label nj-heading--xs\" data-trad>\n                      Why is LNG crucial for the global energy transition?                    <\/span>\n                    <span aria-hidden=\"true\" class=\"material-icons nj-icon-material nj-accordion-item__toggle\">expand_more<\/span>\n                  <\/summary>\n                                                  <div class=\"nj-accordion-item__content wysiwyg force-dark\" data-trad data-trad-html>\n                    <p>LNG enables emerging countries to replace coal, reducing their carbon footprint, while providing a flexible and abundant alternative to secure Europe\u2019s energy supply.<\/p>\n                  <\/div>\n                              <\/details>\n                                 \n      <\/div>\n    <\/div>\n\n  <\/div>\n<\/div>\n\n\n\n<div id=\"block_0d396db8e3685502e265bfec501ecc60\" class=\"cp-ai-questions teq-container nj-aura nj-aura--white relative\">\n        <div class=\"teq-grid top\">\n            <div class=\"col-span-12\">\n                <div class=\"flex justify-center mb-16 eva\">\n                    <svg width=\"55\" height=\"24\" viewBox=\"0 0 55 24\" fill=\"none\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\">\n    <path\n        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class=\"text-center nj-heading--xl leading-none font-bold\" data-trad data-trad-html>\n                    Find instantly <span class=\"h-0 hidden lg:flex\"><br \/><\/span>answers to your questions                <\/h2>\n            <\/div>\n            <div class=\"col-span-12 mt-24 lg:mt-32\">\n                <div class=\"flex flex-wrap justify-center gap-8\">\n                    <a href=\"#\" \n    data-eva data-preprompted=\"What is the purpose of ENGIE?\" \n    class=\"flex w-full lg:w-fit border border-solid border-moderate px-[16px] py-[12px] nj-text--sm nj-color--primary no-underline eva-link justify-center text-center hover:bg-[rgba(0,40,70,0.1)] transition-colors duration-200\" data-trad>\n    What is the purpose of ENGIE?<\/a>                <\/div>\n            <\/div>\n            <div class=\"col-span-12 flex justify-center place-items-center gap-4 mt-24 lg:mt-48\">\n                    <button data-eva=\"true\" type=\"button\" data-ask=\"true\" aria-haspopup=\"dialog\" 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