November 7, 2024
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HomeSEE Energy NewsEurope: Weekly electricity prices ranged from 5 to 84 euros/MWh

Europe: Weekly electricity prices ranged from 5 to 84 euros/MWh

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Account to AleaSoft Forecasting, after the recovery registered in the last days of the previous week, during the week of February 26, prices in the main European electricity markets oscillated, registering averages higher than those of the previous week in most cases. The exception was the MIBEL market of Spain and Portugal, with a fall of 81%.

The EPEX SPOT market of Belgium and France reached the largest rise, 21%. On the other hand, the IPEX market of Italy and the Nord Pool market of the Nordic countries registered the smallest increases, 2.5% and 4.5%, respectively. In the rest of the markets analyzed at AleaSoft Energy Forecasting, prices increased between 8.2% in the N2EX market of the United Kingdom and 18% in the EPEX SPOT market of Germany.

In the last week of February, weekly averages were below €70/MWh in most analyzed European electricity markets. The exceptions were the British market, with an average of €72.22/MWh, and the Italian market, with an average of €84.11/MWh.

In contrast, the Portuguese and Spanish markets registered the lowest weekly prices, €4.52/MWh and €4.53/MWh, respectively. These prices were the lowest ever in the Spanish market and the second lowest in the Portuguese market. In the rest of the analyzed markets, prices ranged from €48.57/MWh in the Nordic market to €67.56/MWh in the Belgian market.

Since February 18, the MIBEL market has consecutively registered the lowest daily prices among the main European electricity markets. During the week of February 26, this market registered 73 hours with prices below €1/MWh. Of these, there were 44 hours with a price of €0/MWh, fourteen of which were registered on Sunday, March 3. On that Sunday, high levels of renewable wind and solar energy production combined with the low demand usual for this day of the week.

During the week of February 26, the increase in the average price of gas and CO2 emission rights and the increase in demand in most analyzed markets led to higher prices in the European electricity markets. The decline in wind energy production in markets such as Germany and France also contributed to this behaviour. However, the increase in wind and solar energy production on the Iberian Peninsula resulted in significant price decreases in the MIBEL market.

AleaSoft Energy Forecasting’s price forecasts indicate that in the first week of March, European electricity market prices might continue to rise. In the case of the MIBEL market, prices might also start to recover in that week. The increase in demand and the fall in wind energy production in most markets will lead to this behaviour. The drop in solar energy production in the Spanish market will also contribute to price rises in this market, AleaSoft Forecasting reports.

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