In week 28 of 2023, European gas and electricity prices fell due to lower electricity demand in most markets and higher wind energy production. Additionally, CO2 prices were lower compared to the previous week. Electricity prices fell below zero during the weekend, 9-10 July, as Europe experienced a surge of summer winds combined with the peak season for solar generation.
In the SEE region, electricity prices decreased in four markets – Croatia, Hungary, Turkey and Italy – and remained stable in two Bulgaria and Romania. The other two countries experienced higher prices.
Croatia registered the highest weekly electricity price decrease by 7% compared to week 27, followed by Hungary (-5%). Greece and Serbia experienced electricity prices surges by 7% and 2% respectively.
In the second week of July, spot electricity prices ranged between 64 and 115 euros per MWh. Turkey recorded the lowest weekly electricity price – 64.5 euros per/MWh, followed by Croatia and Romania which were the second cheapest electricity markets, with electricity prices at 92.4 euros per MWh and 95.3 euros per MWh, respectively. Greece was the most expensive market in Europe at 115.4 euros per MWh, followed by Italy which recorded an electricity price of 114 euros per MWh.Â
Weekly average spot electricity prices in Central Europe followed a downward trend during week 28. The decrease in the average gas price and the higher renewable output led to a price drop in electricity markets, despite higher demand amid heatwave conditions. The Netherlands was the country with the lowest electricity price at 71.8 euros per MWh, followed closely by Belgium with 72.4 euros per MWh.
