In the second week of March, electricity prices across European markets experienced significant fluctuations, peaking on March 10 before a decline later in the week. The average price for electricity in Italy rose by 4.4%, while Portugal saw a remarkable increase of 22%. Spain and France recorded similar rises of 23%. Conversely, several other markets, including Belgium and the Nordic region, experienced price drops of up to 21%.
During the week ending March 9, most European markets reported weekly average prices exceeding €80/MWh. Notably, Italy’s average soared to €147.54/MWh, making it the highest among major markets. In contrast, the Nordic market averaged €66.15/MWh, while Portugal and Spain reported averages of €67.88/MWh and €70.03/MWh respectively.
Daily price movements revealed that on March 15, both Spain and Portugal recorded the lowest daily averages of the week at €6.44/MWh. This followed a day when prices in these markets dipped below €20/MWh. Meanwhile, the Nordic market hit a low of €15.51/MWh on March 13, marking its lowest point since late December 2025.
Italy’s daily prices remained consistently above €140/MWh throughout the week, except for Sunday. On March 10, Italy reached a peak daily average of €168.54/MWh, its highest since February 14, 2025. That same day saw Portugal and Spain record their highest prices since mid-February at €131.79/MWh and €136.86/MWh respectively. Great Britain also saw significant pricing activity with a peak of €150.24/MWh on March 9.
The surge in electricity prices can be attributed to high gas costs coupled with lower wind energy production in both the Iberian Peninsula and Italy. Increased demand in Portugal and France further contributed to price hikes, while stronger wind generation in other regions provided some downward pressure on prices.
AleaSoft Energy Forecasting anticipates that electricity prices will remain elevated as ongoing instability in the Middle East continues to exert pressure on gas prices. The forecast indicates that reduced wind generation in the Iberian Peninsula and diminished solar output in Spain will likely impact market prices in both Spain and Portugal during the third week of March. However, higher renewable energy generation across most major European markets may help alleviate some pricing pressures.
