The GO market has been seeing rising prices since 15 January 2026, when the price for 2026 production hit the lowest point, at EUR 0.49/MWh, and 2025 production was observed at EUR 0.19/MWh. Until 5 March 2026, the prices for these vintages reached EUR 1.31/MWh and EUR 0.63/MWh respectively. During this almost two-month long period, a general abstinence was observed in the OTC market by Nordic hydro producers. When examining the share of Nordic, Norwegian and Swedish hydro 2026 production volumes transacted in the OTC market over the total 2026 production traded volume, it becomes evident that, after 18 February, their participation in the market starts decreasing and becomes almost non-existent between 5 February and 25 February for the 2026 maturity. On top of the absence of Nordic traded volumes, market participants also report that during this period there has also been relatively scarce presence of selling quotes by Nordic producers in the market.