June 16, 2024
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Europe: Weekly electricity prices ranged between 31 and 88 euros/MWh

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According to AleaSoft Forecasting, during the week of March 11, average prices in most major European electricity markets remained little changed from the previous week. The exception was the MIBEL market of Spain and Portugal. After registering weekly prices below €15/MWh in the first week of March, in the week of March 11, it reached the highest percentage price rise again, with weekly averages exceeding €30/MWh. The Spanish market average increased by 136% and the Portuguese market, by 141%.

Weekly prices also rose in the N2EX market of the United Kingdom and the EPEX SPOT market of the Netherlands and Germany, with increases of 0.6%, 1.0% and 5.9%, respectively. In the rest of the markets analyzed at AleaSoft Energy Forecasting, prices declined between 2.5% in the IPEX market of Italy and 15% in the Nord Pool market of the Nordic countries.

In the second week of March, weekly averages were below €65/MWh in most analyzed European electricity markets. The exceptions were the German market, the British market and the Italian market, with averages of €68.34/MWh, €73.50/MWh and €88.23/MWh, respectively.

On the other hand, despite the increases, the Portuguese and Spanish markets registered the lowest weekly prices again, which were €30.89/MWh and €33.24/MWh, respectively. In the rest of the analyzed markets, prices ranged from €54.23/MWh in the Nordic market to €63.24/MWh in the Dutch market.

Regarding hourly prices, in the second week of March, only the Iberian market registered prices below €1/MWh, despite the increase in its weekly average price. Most of these prices occurred on Monday, March 11. On that day, the MIBEL market registered thirteen hours with a price of €0/MWh, under the influence of high levels of wind energy production in Spain.

During the week of March 11, the decline in the average price of gas and CO2 emission rights exerted a downward influence on European electricity market prices. Electricity demand also fell in most analyzed markets. On the other hand, the fall in wind energy production led to higher prices in markets such as the Iberian market or the German market, where solar energy production also fell.

AleaSoft Energy Forecasting’s price forecasts indicate that in the third week of March, prices might follow the same trend as the current week in most analyzed European electricity markets, AleaSoft Forecasting reports.

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