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	FORWARD CURVE CONSTRUCTION
	Monthly Forward Prices Derived from Annual Calendar Quotes + Seasonal Shape
	ANNUAL CALENDAR FORWARD QUOTES (from Assumptions)
	Contract	Year	Base (EUR/MWh)	Peak (EUR/MWh)	Off-Peak (EUR/MWh)	Peak-OffPeak Spread
	Cal-26	2026	50.00	59.00	40.00	19.00
	Cal-27	2027	52.50	61.95	42.00	19.95
	Cal-28	2028	54.00	63.72	43.20	20.52
	Cal-29	2029	55.00	64.90	44.00	20.90
	Cal-30	2030	56.00	66.08	44.80	21.28
	SEASONAL SHAPE FACTORS (from Historical Spot Analysis)
	Month	Seasonal Index	Shape Factor
	Jan	1.354	1.354
	Feb	1.235	1.235
	Mar	1.091	1.091
	Apr	0.911	0.911
	May	0.783	0.783
	Jun	0.734	0.734
	Jul	0.687	0.687
	Aug	0.739	0.739
	Sep	0.831	0.831
	Oct	1.018	1.018
	Nov	1.198	1.198
	Dec	1.418	1.418
	Sum Check		12.000
	MONTHLY FORWARD CURVE (60 Months: 2026-2030)
	Year	Month	Base Fwd	Peak Fwd	Off-Peak Fwd	Seasonal Adj.	Spread	vs Prior Mo.
	2026	1	67.71	79.90	54.17	1.354	25.73
	2026	2	61.77	72.88	49.41	1.235	23.47	(5.95)
	2026	3	54.55	64.36	43.64	1.091	20.73	(7.22)
	2026	4	45.54	53.74	36.43	0.911	17.30	(9.01)
	2026	5	39.13	46.17	31.30	0.783	14.87	(6.41)
	2026	6	36.71	43.32	29.37	0.734	13.95	(2.41)
	2026	7	34.35	40.54	27.48	0.687	13.05	(2.36)
	2026	8	36.93	43.58	29.55	0.739	14.03	2.58
	2026	9	41.57	49.06	33.26	0.831	15.80	4.64
	2026	10	50.91	60.07	40.73	1.018	19.34	9.33
	2026	11	59.92	70.70	47.93	1.198	22.77	9.01
	2026	12	70.91	83.68	56.73	1.418	26.95	11.00
	2027	1	71.10	83.90	56.88	1.354	27.02	0.18
	2027	2	64.85	76.53	51.88	1.235	24.64	(6.24)
	2027	3	57.27	67.58	45.82	1.091	21.76	(7.58)
	2027	4	47.82	56.42	38.25	0.911	18.17	(9.46)
	2027	5	41.08	48.48	32.87	0.783	15.61	(6.73)
	2027	6	38.55	45.49	30.84	0.734	14.65	(2.53)
	2027	7	36.07	42.56	28.86	0.687	13.71	(2.48)
	2027	8	38.78	45.76	31.02	0.739	14.74	2.71
	2027	9	43.65	51.51	34.92	0.831	16.59	4.87
	2027	10	53.45	63.07	42.76	1.018	20.31	9.80
	2027	11	62.91	74.24	50.33	1.198	23.91	9.46
	2027	12	74.46	87.86	59.57	1.418	28.29	11.55
	2028	1	73.13	86.29	58.50	1.354	27.79	(1.33)
	2028	2	66.71	78.71	53.37	1.235	25.35	(6.42)
	2028	3	58.91	69.51	47.13	1.091	22.39	(7.80)
	2028	4	49.18	58.03	39.35	0.911	18.69	(9.73)
	2028	5	42.26	49.86	33.80	0.783	16.06	(6.93)
	2028	6	39.65	46.79	31.72	0.734	15.07	(2.61)
	2028	7	37.10	43.78	29.68	0.687	14.10	(2.55)
	2028	8	39.89	47.07	31.91	0.739	15.16	2.79
	2028	9	44.90	52.98	35.92	0.831	17.06	5.01
	2028	10	54.98	64.88	43.98	1.018	20.89	10.08
	2028	11	64.71	76.36	51.77	1.198	24.59	9.73
	2028	12	76.59	90.37	61.27	1.418	29.10	11.88
	2029	1	74.48	87.89	59.59	1.354	28.30	(2.10)
	2029	2	67.94	80.17	54.35	1.235	25.82	(6.54)
	2029	3	60.00	70.80	48.00	1.091	22.80	(7.94)
	2029	4	50.09	59.11	40.07	0.911	19.04	(9.91)
	2029	5	43.04	50.79	34.43	0.783	16.35	(7.05)
	2029	6	40.38	47.65	32.31	0.734	15.35	(2.66)
	2029	7	37.79	44.59	30.23	0.687	14.36	(2.59)
	2029	8	40.63	47.94	32.50	0.739	15.44	2.84
	2029	9	45.73	53.96	36.58	0.831	17.38	5.10
	2029	10	56.00	66.08	44.80	1.018	21.28	10.27
	2029	11	65.91	77.77	52.73	1.198	25.05	9.91
	2029	12	78.01	92.05	62.40	1.418	29.64	12.09
	2030	1	75.84	89.49	60.67	1.354	28.82	(2.17)
	2030	2	69.18	81.63	55.34	1.235	26.29	(6.66)
	2030	3	61.09	72.09	48.87	1.091	23.21	(8.09)
	2030	4	51.00	60.18	40.80	0.911	19.38	(10.09)
	2030	5	43.82	51.71	35.06	0.783	16.65	(7.18)
	2030	6	41.12	48.52	32.89	0.734	15.62	(2.70)
	2030	7	38.48	45.40	30.78	0.687	14.62	(2.64)
	2030	8	41.37	48.81	33.09	0.739	15.72	2.89
	2030	9	46.56	54.94	37.25	0.831	17.69	5.20
	2030	10	57.02	67.28	45.61	1.018	21.67	10.45
	2030	11	67.11	79.19	53.69	1.198	25.50	10.09
	2030	12	79.42	93.72	63.54	1.418	30.18	12.31
	FORWARD CURVE SUMMARY
	Average Forward (Base):		53.50
	Max Forward (Base):		79.42
	Min Forward (Base):		34.35
	Avg Peak-OffPeak Spread:		20.33
	Note: Forward prices are constructed by applying historical seasonal shape factors to annual calendar forward quotes from Assumptions. Replace quotes with live market data for production use.