Demand drives up some European electricity prices
Average electricity prices across the main European markets showed heterogeneous behaviour during the second week of January, according to analysis from AleaSoft Energy Forecasting.
The consultancy found a mixed picture across analyzed markets when compared to the week prior. Weekly price averages increased in the Belgian, British, Dutch, German and Nordic markets but decreased in the French, Italian, Portuguese and Spanish markets.
Average electricity prices exceeded €85 ($87.58)/MWh in all markets bar the Nordic market, which continued to have the lowest price, averaging at €50.50/MWh.
The British market overtook the Italian market to record the highest average price of the week, at €152.37/MWh. The British market also saw the highest daily price of the week, reaching €272.43 on January 10 for the highest price recorded in this market since December 2022.
AleaSoft says a decrease in the weekly average gas prices and increase in wind energy production led to lower prices in some markets. It attributed increases in other markets to a rise in electricity demand.
During the third week of January, AleaSoft is expecting prices to increase in most European electricity markets, influenced by an increase in demand and fall in wind energy production.
The second week of January saw solar energy production increase in France and Germany but fall in Italy, Portugal and Spain.
Both the French and Portuguese markets recorded their highest value of solar energy during a day in January on January 12. The French market reached 51 GWh, while the Portuguese market hit 12 GWh.
AleaSoft is predicting solar energy production will increase in Germany again this week, while also rising in Italy and Spain.
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