June 23, 2024
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Europe: Electricity prices exceeded 96 euros/MWh in week 2

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In the week of January 8, prices in almost all major European electricity markets increased compared to the previous week. The exception was the Nord Pool market of the Nordic countries, with an 8.5% decrease. In contrast, the MIBEL markets of Portugal and Spain reached the largest percentage price rises, 63% and 64%, respectively. The IPEX market of Italy registered the smallest increase of 7.5%. In the rest of the markets analyzed at AleaSoft Energy Forecasting, prices rose between 22% in the N2EX market of the United Kingdom and 60% in the EPEX SPOT market of France.

In the second week of January, weekly averages were above €95/MWh in almost all analyzed European electricity markets. The exception was the Nordic market, which registered the lowest average, €76.06/MWh. On the other hand, the Italian market reached the highest weekly price, €107.50/MWh. In the rest of the analyzed markets, prices ranged from €96.26/MWh in the Dutch market to €101.24/MWh in the Belgian market.

As for hourly prices, on January 10, the Belgian, British and French markets registered the highest hourly prices since the first half of December, which were €143.79/MWh between 17:00 and 18:00 CET in France and Belgium, and €123.97/MWh between 18:00 and 19:00 CET in the N2EX market. Something similar happened on Thursday, January 11, between 17:00 and 18:00 CET, when the German and Dutch markets reached the highest prices since the first half of December, which were €150.09/MWh and €147.06/MWh, respectively.

During the week of January 8, the increase in electricity demand and the fall in wind energy production in most analyzed markets led to higher prices in the European electricity markets. The drop in solar energy production on the Iberian Peninsula also contributed to the price increase in the MIBEL market.

AleaSoft Energy Forecasting’s price forecasts indicate that in the third week of January, prices might decrease in European electricity markets. Increased wind energy production might contribute to this behaviour. In addition, solar energy production might increase in some markets.

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