In the week commencing January 19, electricity prices experienced a notable increase across various European markets, particularly in the initial days. The Nord Pool market, which encompasses the Nordic countries, saw the most significant rise at 28%. In contrast, the N2EX market in the United Kingdom reported a modest increase of 2.2%. Other markets, including the EPEX SPOT markets in Belgium, the Netherlands, and Germany, recorded price hikes ranging from 6.2% in Belgium to 12% in Germany. However, exceptions were noted in the EPEX SPOT market of France and the MIBEL market of Spain and Portugal, where prices fell by 0.5%, 42%, and 43%, respectively.
Throughout this period, most European markets reported weekly average prices surpassing €100/MWh. The Iberian market stood out with significantly lower averages of €63.44/MWh in Portugal and €63.58/MWh in Spain. The Italian market recorded the highest weekly average at €147.72/MWh, while other analyzed markets ranged from €102.75/MWh in France to €121.80/MWh in Germany.
On January 25, the Iberian market noted its lowest daily average price of the week at €11.25/MWh, a figure not seen since May 25, 2025. Most other markets maintained daily prices above €100/MWh throughout nearly all sessions during the fourth week of January, with the Italian market achieving a peak daily average of €159.29/MWh on January 22.
The surge in wind energy production within Spain and Portugal contributed to lower prices in the Iberian market during this timeframe. Conversely, rising gas prices combined with diminished wind output and increased electricity demand led to price escalations in many other markets across Europe.
Looking ahead to the final week of January, forecasts from AleaSoft Energy Forecasting suggest that prices are likely to decrease in Germany, Italy, and the Iberian markets due to anticipated increases in wind generation and reduced demand. However, a rise in prices is expected for France, Belgium, and the Netherlands during this same period.
