The electricity market in Europe exhibited varied demand patterns during the week of January 19, 2023, influenced by fluctuating temperatures across the region. The Portuguese market led the demand growth with a notable increase of 4.8%, followed closely by Germany at 4.3%. Other markets such as France and Italy also reported increases of 3.2% and 1.2%, respectively, while the growth in the Spanish market was minimal at just 0.1%. This marked a continuation of positive trends for both the German and Italian markets, which recorded their fourth consecutive week of growth, while markets on the Iberian Peninsula saw increases for the third straight week.
Conversely, demand declined in the British and Belgian markets. The drop in Belgium was marginal at 0.2%, whereas Great Britain experienced a more significant decline of 4.2%. These contrasting trends underscore regional disparities in electricity consumption amid varying climatic conditions.
The week also witnessed record-setting demand levels in Portugal, driven by cold weather conditions that peaked on January 23 with an unprecedented consumption rate of 198 GWh. This historical maximum reflects how temperature extremes can significantly influence energy usage patterns.
A closer examination of temperature averages reveals that most analyzed markets experienced a decrease compared to the previous week, with Germany facing the steepest decline at 4.8 °C. In contrast, Great Britain reported slightly warmer temperatures, averaging 1.4 °C higher, while Spain and Italy maintained stable temperature averages similar to those recorded previously.
The outlook for the week commencing January 26 suggests further shifts in electricity demand across Europe. According to forecasts from AleaSoft Energy Forecasting, an increase is anticipated in Great Britain, France, Portugal, Belgium, and Italy. However, demand is projected to decline in Germany and Spain. These predictions highlight ongoing volatility within European electricity markets as they adapt to changing climatic conditions and consumption behaviors.
