As of mid-March, the European electricity market has witnessed a notable decline in demand across several key countries. Data from the week of March 16 indicates that Portugal experienced the most significant drop at 5.9%, closely followed by Spain with a reduction of 5.0% and France at 4.5%. Other countries such as Belgium, Germany, and Great Britain reported decreases of 1.4%, 1.5%, and 3.8%, respectively. This marks a continuation of downward trends for Spain and Great Britain, which have now persisted for two consecutive weeks. Conversely, Italy saw a slight uptick in demand by 0.2%, breaking a streak of six weeks of declining consumption.
The observed declines in electricity demand correlate with milder weather patterns across Europe during the same period. Average temperatures increased significantly in Portugal and Great Britain by 1.5°C and 1.4°C, respectively, while Belgium recorded a modest rise of 0.2°C. France and Spain also noted temperature increases of 0.7°C and 1.0°C. In contrast, both Italy and Germany faced cooler conditions, with average temperatures dropping by 0.9°C and 1.9°C.
<pLooking ahead to the last week of March, forecasts from AleaSoft Energy Forecasting suggest a reversal in trends for several markets. An increase in electricity demand is anticipated in Spain, Belgium, Great Britain, and France, while demand is expected to decline in Portugal, Italy, and Germany. These projections highlight the shifting dynamics within the European energy landscape as seasonal changes impact consumption patterns.
