June 23, 2024
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Europe: Electricity prices ranged between 31 and 96 euros/MWh

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In the week of January 29, average prices of most major European electricity markets remained similar to those of the previous week. The exception was the Nord Pool market of the Nordic countries, which registered a drop of 32%.

On the other hand, the slight variations registered were also downward in the EPEX SPOT market of the Netherlands and Germany and in the N2EX market of the United Kingdom, which was 0.1%, 1.1% and 1.1%, respectively. In contrast, in the rest of the markets analyzed at AleaSoft Energy Forecasting, prices increased between 0.6% in the MIBEL market of Portugal and 5.3% in the EPEX SPOT market of France.

In the first week of February, weekly averages continued to be below €75/MWh in almost all analyzed European electricity markets. The exception was the IPEX market of Italy, which again registered the highest average, €95.68/MWh.

On the other hand, the Nordic market reached the lowest weekly price, €30.56/MWh. In the rest of the analyzed markets, prices ranged from €59.92/MWh in the German market to €71.89/MWh in the Spanish market.

Also, in the first five days of February, several markets registered hourly prices below €1/MWh. In the German, Belgian, British, British, Dutch and Nordic markets, the number of hours with prices below €1/MWh was 11, 3, 2, 8 and 6, respectively.

During the week of January 29, weekly gas prices registered a slight recovery. This led to a slight increase in prices registered in most analyzed markets. The decline in wind energy production in markets such as France, Spain and Italy also contributed to this behaviour. However, the decline in demand limited the increases and in some cases contributed to the decline in prices.

AleaSoft Energy Forecasting’s price forecasts indicate that in the second week of February, they might decrease in most European electricity markets. Increased wind energy production in most markets will favour this behaviour. In addition, demand might decrease in some markets.

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