One auction, three prices: an export limit drops France to €2.90 while a core share lifts the Netherlands to €77.14

Awarded FCR bids in merit order, 26 January 2026, 12:00-16:00 delivery block, 333 bids totalling 1,704 MW

Awarded bid, other countries Awarded French bid Awarded Dutch bid Cross-border price, €9.60/MW/h
0510152004008001,2001,600Six countries settle at the cross-border price, €9.60France settles at €2.90Netherlands settles at €77.14 ↑Offered capacity price (€/MW/h)Cumulative awarded capacity (MW)

No limit binds

Every bid up to €9.60/MW/h is taken, and the most expensive of them, a 1 MW Austrian bid, sets the cross-border price. Germany, Austria, Belgium, Czechia, western Denmark and Switzerland all settle on it.

An export limit binds

France offers 795 MW and is awarded 793 MW, exactly its 610 MW demand plus its 183 MW export limit. The surplus cannot leave, so France settles on its own highest awarded bid, €2.90/MW/h, less than a third of the cross-border price.

A core share binds

At least 41 MW of Dutch FCR must come from Dutch units. Filling it takes four bids priced above the cross-border price, up to €77.14/MW/h, so the Netherlands settles eight times higher than its neighbours.

Source: regelleistung.net anonymised FCR order book, Modo Energy

Note: every bid is as published, converted to €/MW/h; same-price bids from one country are merged into one step.

MODOENERGY