In the second week of February, a significant decline in electricity prices was observed across most major European markets. The average prices fell compared to the previous week, reflecting shifts in demand and supply dynamics. Notably, the EPEX SPOT market in Germany saw a modest increase of 1.9%, while the Nord Pool market in the Nordic regions experienced a more substantial rise of 13%. In contrast, France and the MIBEL market encompassing Portugal and Spain recorded sharp declines of 51% and 52% to 53%, respectively. Other markets, including the UK’s N2EX and Italy’s IPEX, also faced reductions ranging from 4.6% to 9.3%.
Despite these downward trends, most markets maintained weekly average prices above €90/MWh. Exceptions included Portugal with an average of €2.18/MWh, Spain at €6.24/MWh, and France at €39.60/MWh. The Nordic market held the highest weekly average at €125.08/MWh, while Belgium and Italy reported averages of €93.62/MWh and €116.21/MWh, respectively.
On a daily basis, both Spain and Portugal frequently recorded prices below €5/MWh during this period. Portugal achieved its lowest daily price of €0.34/MWh on February 11, marking its lowest level since April 6, 2024. Similarly, Spain noted its lowest price since April 17, 2024, at €1.55/MWh on February 15. France’s daily prices also fell significantly below €20/MWh on several occasions, reaching as low as €13.61/MWh on February 11—its lowest since October 24, 2025.
Conversely, several markets including Germany, Belgium, Great Britain, Italy, and the Netherlands experienced daily prices exceeding €100/MWh at various points during the week. Specifically, both Italy and the Nordic region saw daily averages surpassing €120/MWh during the first three days of February; the Nordic market recorded a peak daily average of €158.53/MWh on February 10—the highest since December 23, 2022.
The notable price decreases during this period were attributed to several factors: falling gas prices and CO₂ allowances contributed to reduced costs alongside increased solar energy production and lower overall demand across many markets. In particular, high hydroelectric output in the Iberian Peninsula coupled with rising wind energy generation in Spain, France, and Portugal further exerted downward pressure on electricity prices.
Looking ahead to the third week of February, forecasts from AleaSoft Energy Forecasting suggest that prices are likely to continue declining across most major European markets due to anticipated increases in wind and solar output in Germany and Italy. However, it is important to note that higher demand coupled with diminished wind generation in the Iberian Peninsula may lead to upward pressure on prices within the MIBEL market.
