October 15, 2024
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European electricity prices drop in September

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In the second week of September, average electricity prices across major European markets saw a decline compared to the previous week. The EPEX SPOT market in the Netherlands experienced the smallest price decrease at 16%, while the French EPEX SPOT market recorded the largest drop at 38%. Other markets also saw significant reductions, with prices falling by 19% in the EPEX SPOT market of Germany and 36% in the Nord Pool market covering the Nordic countries.

Most European electricity markets reported weekly average prices below €80/MWh. Notable exceptions were the N2EX market in the United Kingdom, with an average of €81.28/MWh, and the IPEX market in Italy, with an average of €107.91/MWh. The Nordic market had the lowest weekly average at €13.55/MWh, while other markets ranged from €51.37/MWh in France to €79.85/MWh in the Netherlands.

Hourly prices also showed significant variations. Most markets experienced negative prices at some point during the week, except for the Italian market and the MIBEL market in Portugal. Specifically, the British and Nordic markets saw negative hourly prices on September 10. Additionally, the Belgian market had negative prices on September 11 and 15, while the German and Dutch markets had negative prices on September 14 and 15. On September 15, the Spanish and French markets also recorded negative hourly prices. The Dutch market posted the lowest hourly price of the week at €1.83/MWh on September 10 between 15:00 and 16:00. In contrast, the German market hit the highest hourly price of €300.01/MWh on September 12 from 19:00 to 20:00.

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The decline in electricity prices during this period was influenced by lower weekly average prices for gas and CO2 emission allowances, increased wind energy production, decreased demand, and higher solar energy output across most markets. According to AleaSoft Energy Forecasting’s price forecasts, electricity prices are expected to continue falling in most European markets during the third week of September. However, prices may rise in the Italian market due to a significant drop in wind and solar energy production. The British and Dutch markets might also see price increases as demand recovers, AleaSoft reports.

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