Higher demand, gas prices drive up European electricity prices
Electricity prices increased across most major European markets during the third week of January, according to AleaSoft Energy Forecasting.
Compared to the week prior, AleaSoft noted weekly average price increases in the Belgian, Dutch, French, German, Italian, Portuguese and Spanish markets and weekly average price decreases in the British and Nordic markets.
Weekly averages exceeded €130 ($135.12)/MWh in all analyzed markets bar the Nordic market, where the weekly average stood at €21.25/MWh. The Italian and German markets reached the highest averages of the week, at €147.43/MWh and €147.93/MWh respectively.
The Belgian, British, Dutch and German markets all recorded hourly prices in excess of €200/MWh on Jan. 20, with the German market hitting the highest figure, at €231.36/MWh.
AleaSoft said last week’s price hikes were caused by an increase in the weekly price of gas and CO2 emission allowances, a fall in wind energy production and increase in demand across most markets.
It is predicting the fourth week of January will see prices fall across most analyzed markets, driven by an uptick in wind energy production and drop in electricity demand.
AleaSoft also said that solar energy production increased across France, Germany, Italy, Portugal and Spain last week.
France, Portugal and Spain all broke their records for solar production during a single day in January. France hit 60 GWh on Jan. 13, Portugal reached 15 GWh on Jan. 17 and Spain totalled 111 GWh on Jan. 14.
During the fourth week of January, AleaSoft is predicting a further increase in solar energy production in Germany and Italy but a decrease in Spain.
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