June 16, 2024
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HomeUncategorizedEurope: Weekly electricity prices ranged between 35 and 88 euros/MWh

Europe: Weekly electricity prices ranged between 35 and 88 euros/MWh

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According to AleaSoft Energy Forecasting, between Monday and Wednesday of the third week of March, prices in the main European electricity markets increased, although they remained at levels similar to those of recent weeks. During the second half of the week, prices decreased under the influence of increased wind energy production and lower demand over the weekend. As a result, weekly averages fell in most markets compared to the previous week. However, in the EPEX SPOT market of the Netherlands, the Nord Pool market of the Nordic countries and the MIBEL marketof Spain and Portugal, average prices increased by 0.8%, 1.8%, 7.6% and 14%, respectively. In the rest of the markets analyzed at AleaSoft Energy Forecasting, prices decreased between 0.7% in the IPEX market of Italy and 24% in the EPEX SPOT market of France.

In the week of March 18, weekly averages remainedbelow €65/MWh in most analyzed European electricity markets. The exceptions were the German and Italian markets, with averages of €66.79/MWh and €87.59/MWh, respectively. In contrast, the Portuguese and Spanish markets registered the lowest weekly averages, for the seventh consecutive week, €35.20/MWh and €35.76/MWh, respectively. In the rest of analyzed markets, prices ranged from €44.37/MWh in the French market to €63.74/MWh in the Dutch market.

As for hourly prices, on Saturday, March 23, the German, Belgian, British, French and Dutch markets registered negative prices. The latter market reached the lowest price, €10.00/MWh, from 13:00 to 14:00. On Sunday, March 24, there were no negative prices, but these markets registered hourly prices of €0/MWh. The Iberian market also registered prices of €0/MWh during 22 hours on March 23 and 24. 

During the week of March 18, the general decline in electricity demand exerted its downward influence on European electricity market prices. In the case of Italy, the increase in wind energy production also helped to lower prices. In addition, solar energy production increased in most analyzed markets. However, in the MIBEL market, production using this technology decreased, contributing to the price increase in this market.

AleaSoft Energy Forecasting’s price forecasts indicate that in the fourth week of March prices might decrease in most analyzed European electricity markets, influenced by increased wind energy production in most markets and lower demand in some cases, AleaSoft Energy Forecasting reports.

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