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	MONTE CARLO PRICE SIMULATIONS
	Mean-Reverting Price Paths with Seasonal Component (10 Representative Paths Shown)
	SIMULATION PARAMETERS (from Assumptions)
	Long-run Equilibrium:	52.0	EUR/MWh	Mean Rev. Speed:	0.15
	Annualized Vol:	35.0%		Seasonal Amp:	12.0	EUR/MWh
	# Paths:	1,000		Peak Month:	1
	MODEL: dP = κ(P* - P)dt + σP dW + Seasonal(t)
	SIMULATED PRICE PATHS (60 Months, Base Load)
	Year	Month	Forward	Path 1	Path 2	Path 3	Path 4	Path 5	Path 6	Path 7	Path 8	Path 9	Path 10
	2026	1	67.71	63.65	65.00	66.02	67.04	67.51	67.92	68.39	69.40	70.42	71.77
	2026	2	61.77	62.63	64.33	65.78	67.24	68.04	68.72	69.53	71.04	72.55	74.35
	2026	3	54.55	61.29	63.31	65.17	67.07	68.21	69.15	70.31	72.30	74.33	76.60
	2026	4	45.54	59.50	61.82	64.09	66.41	67.87	69.07	70.58	73.07	75.63	78.38
	2026	5	39.13	57.29	59.89	62.53	65.26	67.03	68.50	70.34	73.34	76.44	79.69
	2026	6	36.71	54.79	57.65	60.65	63.77	65.84	67.57	69.74	73.25	76.89	80.65
	2026	7	34.35	52.26	55.36	58.68	62.17	64.54	66.51	69.02	73.02	77.21	81.50
	2026	8	36.93	49.97	53.28	56.90	60.74	63.38	65.60	68.43	72.92	77.67	82.48
	2026	9	41.57	48.13	51.63	55.54	59.70	62.61	65.06	68.20	73.19	78.50	83.85
	2026	10	50.91	46.86	50.54	54.71	59.18	62.35	65.03	68.48	73.96	79.83	85.74
	2026	11	59.92	46.15	49.99	54.40	59.17	62.60	65.50	69.26	75.23	81.68	88.16
	2026	12	70.91	45.83	49.82	54.46	59.53	63.20	66.33	70.40	76.87	83.90	90.98
	2027	1	71.10	45.66	49.79	54.66	60.01	63.94	67.28	71.67	78.65	86.28	93.97
	2027	2	64.85	45.36	49.62	54.72	60.35	64.52	68.09	72.80	80.29	88.55	96.88
	2027	3	57.27	44.70	49.10	54.42	60.32	64.74	68.53	73.55	81.58	90.48	99.46
	2027	4	47.82	43.57	48.10	53.62	59.79	64.45	68.46	73.80	82.36	91.91	101.58
	2027	5	41.08	41.99	46.62	52.34	58.77	63.66	67.89	73.55	82.65	92.87	103.23
	2027	6	38.55	40.11	44.84	50.73	57.41	62.52	66.96	72.94	82.57	93.46	104.54
	2027	7	36.07	38.16	42.97	49.02	55.93	61.26	65.91	72.19	82.35	93.92	105.74
	2027	8	38.78	36.43	41.31	47.50	54.62	60.16	65.01	71.58	82.27	94.53	107.08
	2027	9	43.65	35.13	40.07	46.39	53.70	59.43	64.47	71.34	82.56	95.50	108.82
	2027	10	53.45	34.38	39.37	45.80	53.30	59.22	64.45	71.61	83.34	96.98	111.07
	2027	11	62.91	34.16	39.19	45.73	53.41	59.51	64.92	72.37	84.63	98.98	113.87
	2027	12	74.46	34.32	39.38	46.03	53.88	60.16	65.76	73.49	86.28	101.36	117.06
	2028	1	73.13	34.60	39.70	46.45	54.47	60.94	66.72	74.74	88.08	103.89	120.44
	2028	2	66.71	34.74	39.88	46.73	54.92	61.57	67.54	75.85	89.74	106.31	123.74
	2028	3	58.91	34.51	39.69	46.63	55.00	61.83	67.98	76.59	91.04	108.39	126.72
	2028	4	49.18	33.79	39.00	46.04	54.57	61.58	67.92	76.83	91.83	109.98	129.24
	2028	5	42.26	32.59	37.83	44.97	53.65	60.83	67.36	76.56	92.14	111.09	131.30
	2028	6	39.65	31.08	36.34	43.55	52.39	59.74	66.43	75.93	92.07	111.85	133.03
	2028	7	37.10	29.50	34.77	42.04	51.01	58.52	65.39	75.17	91.87	112.47	134.64
	2028	8	39.89	28.11	33.38	40.70	49.80	57.45	64.49	74.54	91.81	113.23	136.42
	2028	9	44.90	27.14	32.40	39.77	48.97	56.77	63.96	74.29	92.11	114.37	138.58
	2028	10	54.98	26.71	31.96	39.36	48.67	56.59	63.94	74.53	92.91	116.02	141.28
	2028	11	64.71	26.80	32.03	39.46	48.86	56.92	64.42	75.28	94.21	118.18	144.52
	2028	12	76.59	27.25	32.47	39.93	49.42	57.61	65.26	76.39	95.88	120.73	148.17
	2029	1	74.48	27.81	33.02	40.51	50.11	58.42	66.23	77.62	97.69	123.43	152.01
	2029	2	67.94	28.22	33.43	40.95	50.64	59.09	67.05	78.72	99.37	126.02	155.77
	2029	3	60.00	28.25	33.45	41.01	50.80	59.38	67.50	79.44	100.68	128.27	159.23
	2029	4	50.09	27.78	32.97	40.56	50.46	59.17	67.44	79.66	101.50	130.04	162.23
	2029	5	43.04	26.82	32.01	39.63	49.62	58.46	66.88	79.38	101.82	131.32	164.78
	2029	6	40.38	25.54	30.71	38.36	48.43	57.40	65.97	78.73	101.77	132.25	167.00
	2029	7	37.79	24.17	29.33	36.99	47.13	56.21	64.92	77.95	101.58	133.05	169.12
	2029	8	40.63	22.99	28.12	35.79	45.99	55.18	64.03	77.31	101.53	134.00	171.40
	2029	9	45.73	22.23	27.33	34.98	45.24	54.53	63.51	77.04	101.85	135.32	174.08
	2029	10	56.00	22.00	27.05	34.70	45.01	54.39	63.49	77.28	102.67	137.14	177.30
	2029	11	65.91	22.27	27.29	34.93	45.28	54.75	63.98	78.01	103.99	139.49	181.08
	2029	12	78.01	22.90	27.89	35.51	45.91	55.47	64.82	79.10	105.68	142.22	185.27
	2030	1	75.84	23.64	28.60	36.22	46.66	56.31	65.79	80.32	107.50	145.11	189.66
	2030	2	69.18	24.21	29.15	36.77	47.26	57.01	66.62	81.40	109.19	147.89	193.97
	2030	3	61.09	24.40	29.32	36.94	47.49	57.34	67.07	82.11	110.52	150.33	197.99
	2030	4	51.00	24.08	28.98	36.60	47.21	57.15	67.02	82.31	111.35	152.29	201.57
	2030	5	43.82	23.27	28.15	35.78	46.43	56.47	66.47	82.01	111.69	153.77	204.70
	2030	6	41.12	22.13	26.99	34.61	45.31	55.44	65.55	81.35	111.65	154.90	207.51
	2030	7	38.48	20.90	25.73	33.34	44.07	54.28	64.52	80.56	111.49	155.90	210.22
	2030	8	41.37	19.85	24.64	32.23	42.99	53.28	63.62	79.91	111.46	157.04	213.11
	2030	9	46.56	19.21	23.96	31.52	42.30	52.65	63.11	79.63	111.79	158.56	216.41
	2030	10	57.02	19.10	23.80	31.33	42.12	52.54	63.10	79.84	112.62	160.59	220.26
	2030	11	67.11	19.49	24.15	31.65	42.45	52.93	63.58	80.56	113.96	163.14	224.67
	2030	12	79.42	20.23	24.85	32.32	43.13	53.67	64.43	81.64	115.66	166.08	229.50
	SIMULATION STATISTICS
	Statistic		Value	Percentile	Price	Notes
	Mean Terminal Price		83.15	5th Pctile (terminal)	20.23	Downside risk measure
	Median Terminal Price		59.05	25th Pctile (terminal)	32.32
	Std Dev Terminal		68.41	75th Pctile (terminal)	115.66
	Min Terminal		20.23	95th Pctile (terminal)	229.50	Upside risk measure
	Max Terminal		229.50
	Range		209.27
	Mean All-Period Price		71.78			Average across all paths and periods
	Overall Std Dev		37.67
	Forward Curve Avg		53.50			Deterministic (no stochastic)
	Sim vs Forward Diff		18.28			Positive = simulations above forward
	Sim vs Forward %		34.2%
	Note: This sheet shows 10 representative deterministic-seed paths for illustration. The full Monte Carlo simulation with ≥1,000 paths requires runtime calculation. Replace z-values with NORM.INV(RAND()) for live simulation.