Recent data indicates a notable decline in electricity demand across several key European markets during the week of February 2. The French market experienced the most significant reduction, with a drop of 6.6%, marking a reversal from the upward trend observed in the previous two weeks. Belgium followed suit, reporting a 2.2% decline, which extends its negative trajectory from the preceding three weeks. Italy and Germany also saw decreases in demand, with 1.7% and 1.4% reductions, respectively, after five consecutive weeks of growth. The Spanish market recorded another 1.4% decline, continuing its downward movement from the prior week, while the British market fell by 0.9%. In contrast, Portugal bucked the trend with a 1.8% increase following a previous decline.
The observed declines in electricity demand coincided with milder average temperatures across most analyzed markets. Temperature increases ranged from 0.6 °C in Germany to 4.0 °C in Belgium, contributing to reduced heating requirements. However, Portugal and Spain noted slight temperature decreases of 0.5 °C and 0.1 °C, respectively.
Looking ahead to the week of February 9, forecasts from AleaSoft Energy Forecasting suggest that the negative trend in electricity demand is likely to persist, with anticipated declines in Germany, France, Italy, and Spain. Conversely, an uptick in demand is expected for Portugal, the UK, and Belgium, indicating a potential shift in regional consumption patterns.
