The energy landscape across Europe saw significant shifts in electricity prices during the week of January 19. Most major markets experienced price increases, particularly in the early part of the week. The Nord Pool market, which serves the Nordic countries, noted a substantial rise of 28%, marking it as the highest percentage increase among European markets. In contrast, the N2EX market in the United Kingdom posted a modest increase of only 2.2%. Meanwhile, the EPEX SPOT markets in Belgium, the Netherlands, and Germany recorded price hikes ranging from 6.2% in Belgium to 12% in Germany. However, some markets diverged from this trend; specifically, France’s EPEX SPOT and Spain and Portugal’s MIBEL market experienced declines of 0.5%, 42%, and 43%, respectively.
Throughout this period, most European markets reported weekly average prices exceeding €100/MWh. The Iberian market stood out with significantly lower averages—€63.44/MWh in Portugal and €63.58/MWh in Spain. The Italian market recorded the highest weekly average at €147.72/MWh, while other notable averages included €102.75/MWh in France and €121.80/MWh in Germany.
An analysis of daily price trends revealed that on Sunday, January 25, the Iberian market hit its lowest daily average for the week at just €11.25/MWh, representing its lowest price since May 25, 2025. Excluding France, Spain, and Portugal, most other European markets maintained daily prices above €100/MWh throughout nearly all sessions of that week. The highest daily average was observed in Italy on Thursday, January 22, reaching €159.29/MWh.
A significant factor influencing these price dynamics was a sharp increase in wind energy production across Spain and Portugal, which contributed to lower prices within the Iberian market during this timeframe. Conversely, rising gas prices coupled with diminished wind production and increased electricity demand were key drivers behind price increases in many other regions.
AleaSoft Energy Forecasting anticipates further developments for the final week of January: a decline in prices is expected for Germany, Italy, and Iberian markets due to enhanced wind generation and reduced demand. However, prices are projected to rise in France, Belgium, and the Netherlands as indicated by their current trends.
