June 23, 2024
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Europe: Weekly average electricity prices stand below 79 euros/MWh

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In the week of October 30, the main European electricity markets registered a downward trend in prices compared to the previous week. The MIBEL market of Spain and Portugal reached the largest price declines, 59% and 61%, respectively. In contrast, the N2EX market of the United Kingdom registered the smallest drop, 9.1%. In the other markets, price falls ranged from 27% in the IPEX market of Italy to 39% in the EPEX SPOT market of Germany.

In the first week of November, most analyzed European electricity markets had weekly averages below €70/MWh. The exceptions were the Italian and British markets, where prices averaged €95.72/MWh and €99.08/MWh, respectively. In contrast, the Portuguese and Spanish markets registered the lowest average prices, €21.77/MWh and €23.02/MWh, respectively. In the rest of the analyzed markets, prices ranged from €42.87/MWh in the Nord Pool market of the Nordic countries to €66.77/MWh in the Dutch market.

In the first week of November, the MIBEL market reached the lowest hourly prices. From November 3 to 5, this market registered nineteen hours with a price of €0.00/MWh. The Italian market registered a minimum hourly price of €2.46/MWh. This price, registered on November 5 from 14:00 to 15:00, was the lowest since May in Italy. On the other hand, on Monday, November 6, from 18:00 to 19:00, the Nordic market reached the highest price since April, €142.69/MWh.

On the other hand, from October 26 to November 6, the MIBEL market had the lowest daily prices among the main European markets, except October 31.

During the week of October 30, the fall in the average price of gas and CO2 emission rights, the decline in demand in most markets and the increase in wind energy production led to lower prices in European electricity markets. In the case of the Portuguese market, solar energy production also increased. This contributed to Portugal registering the lowest weekly average.

According to AleaSoft Energy Forecasting’s price forecasts, in the second week of November prices will increase in most European electricity markets analyzed. The increase in demand and the decrease in wind energy production will influence this behaviour.

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