June 20, 2024
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Europe: Solar energy production increased in Q1

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According to AleaSoft Energy Forecasting, in the first quarter of 2024, prices in the main European electricity markets fell to their lowest levels since at least the second quarter of 2021 in most markets. Declines in gas and CO2 prices marked this evolution. The general increase in solar energy production combined with the increase in wind energy production in most markets also contributed to the price declines. Photovoltaic energy production was the highest ever registered in a first quarter in most markets, a record that wind energy production also reached in Italy.

In the first quarter of 2024, solar energy production increased in all major European electricity markets compared to the same period in 2023. The German and Portuguese markets registered double‑digit percentage growth, 23% and 12%, respectively. The Spanish market had the lowest growth, 2.0%.

Solar energy production in the first quarter of 2024 was also higher than in the last quarter of 2023 in all major European markets. Increases ranged from 12% in France to 52% in Germany.

In most of the markets analysed at AleaSoft Energy Forecastingsolar photovoltaic energy production in the first quarter of 2024 was higher than in the first quarter of the previous years of the historical series. The Spanish market topped the list with a production of 7258 GWh, followed by the Italian market with 4532 GWh and the French market with 3883 GWh. The Portuguese market closed the list with a production of 776 GWh.

The above‑mentioned record productions reflect the increase in installed photovoltaic capacity. In Mainland Spain, between March 2023 and March 2024, installed photovoltaic capacity increased by 4472 MW, according to data from Red Eléctrica. Similarly, in Portugal, according to REN data, installed photovoltaic capacity increased by 772 MW in the same period, AleaSoft Energy Forecasting reports.

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