In the first week of November 2024, electricity demand saw a general increase across the major European markets compared to the previous week. Italy experienced the largest rise, with demand up by 10%, while Belgium and France followed with increases of 9.2% and 8.0%, respectively. Other European markets, including Spain, the Netherlands, Portugal, Great Britain, and Germany, also saw growth, ranging from a modest 2.0% in Spain to a more significant 7.7% in Germany. The Netherlands, in particular, marked its seventh consecutive week of rising demand, while Great Britain and France saw their second and third consecutive increases, AleaSoft reports.
This overall increase in demand was accompanied by a drop in average temperatures across most of Europe. Belgium experienced the largest temperature decrease of 5.2°C, while France saw the smallest drop at 1.6°C. Other countries, such as Great Britain, Italy, the Netherlands, and Germany, saw average temperatures decline between 2.2°C and 4.8°C. Spain and Portugal were the exceptions, with temperatures rising slightly by 0.7°C and 0.9°C, respectively.
The rise in demand was largely attributed to the return of work activity following the November 1 holiday, during which All Saints’ Day was celebrated in Spain, Portugal, Italy, and Belgium, as well as some regions of Germany. The cooler weather in most countries also contributed to higher energy consumption across the region.
Looking ahead, AleaSoft Energy Forecasting’s demand forecasts indicate that electricity demand will continue to rise in most major European markets during the week of November 11, 2024, with the exceptions of Germany and Belgium, where demand is expected to decrease slightly, AleaSoft reports.
