Higher gas costs driving up European electricity prices, says AleaSoft
Most major European electricity markets recorded higher average weekly prices last week, according to AleaSoft Energy Forecasting.
The consultancy noted week-on-week price increases in the Belgian, British, Dutch, French, German, Italian, Portuguese and Spanish markets. The exception was the Nordic market, where average prices fell 21% week on week.
AleaSoft said a drop in wind electricity production and an increase in gas prices caused electricity prices to rise to above €100/MWh in all markets, except for the French and Nordic markets.
The Nordic market continued to have the lowest average of the week, at €43.47/MWh, while the Italian market continued to have the highest average, reaching €138.16/MWh in the fourth week of November.
The British, Dutch, German and Nordic markets all recorded negative electricity prices in the early hours of Nov. 25, driven by high wind energy production. The German market reached the lowest price, at -€1.86/MWh.
AleaSoft said the first week of December will bring an increase in electricity prices, driven by lower wind energy production and rising electricity demand.
Solar energy production rose in Germany, France, Portugal and Spain during the fourth week of November, said AleaSoft. The German market reached its second-highest value for solar energy production during a single day in November, recording 116 GWh on the final day of the month.
AleaSoft said solar energy production is expected to increase in Italy and Spain during the first week of December, which may contribute to a drop in electricity prices in these markets.
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