December 4, 2024
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Europe: Electricity prices rise in late October

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In the last week of October, average electricity prices rose in most major European markets compared to the previous week. The exceptions were Italy’s IPEX market and the Nordic countries’ Nord Pool market, which saw decreases of 3.1% and 11%, respectively. The largest percentage increase occurred in France’s EPEX SPOT market, which rose by 21%. Other markets analyzed by AleaSoft Energy Forecasting saw price increases ranging from 8.1% in Germany’s EPEX SPOT market to 19% in Belgium’s EPEX SPOT market, AleaSoft reports.

Weekly average prices in most European markets exceeded €80/MWh, with the Nordic market being the only exception, posting the lowest weekly average of €10.86/MWh. Italy recorded the highest weekly average at €117.20/MWh, despite a price drop in that market. Other markets had weekly averages ranging from €82.93/MWh in Portugal’s MIBEL market to €114.06/MWh in the United Kingdom’s N2EX market.

In terms of hourly prices, on Monday, November 4, both Germany and the Netherlands registered their highest prices since September 24, reaching €290.21/MWh and €269.76/MWh, respectively, between 17:00 and 18:00. Later that day, from 18:00 to 19:00, the British market hit its highest price since December 2, 2023, at £207.25/MWh, while the French market saw its second highest price of 2024 so far at €160.54/MWh.

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The increase in average CO2 emission allowance prices, combined with a decrease in solar energy production across most markets, contributed to the rise in electricity prices during the week of October 28. While gas prices fell slightly compared to the previous week, they remained above €40/MWh on most days, which also pushed electricity prices higher. Additionally, higher electricity demand in some markets further contributed to the price increases. In France, a drop in wind energy production played a significant role in driving the largest percentage price increase.

AleaSoft Energy Forecasting’s price projections for the first week of November suggest that electricity prices in European markets will continue to rise, driven by increased demand and a decrease in wind energy production, AleaSoft reports.

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