According to AleaSoft Energy Forecasting, In the first quarter of 2024, the quarterly average price remained below €70/MWh in most major European electricity markets. The exceptions were the N2EX market of the United Kingdom and the IPEX market of Italy, which averaged €75.25/MWh and €91.98/MWh, respectively. On the other hand, the MIBEL market of Portugal and Spain registered the lowest quarterly prices, €44.52/MWh and €44.92/MWh, respectively. In the other markets analysed at AleaSoft Energy Forecasting, the averages ranged from €58.48/MWh in the Nord Pool market of the Nordic countries to €68.50/MWh in the EPEX SPOT market of the Netherlands.
Compared to the previous quarter, in the first quarter of 2024 average prices decreased in almost all European electricity markets analysed at AleaSoft Energy Forecasting. The exception was the Nordic market, with an increase of 1.5%. In contrast, the Spanish and Portuguese markets registered the largest falls, 40% and 41%, respectively. The rest of the markets registered price decreases ranging from 17% in the German market to 26% in the Italian market.
Comparing average prices in the first quarter of 2024 with those registered in the same quarter of 2023, prices fell in all analysed markets. The Spanish and Portuguese markets also registered the largest drops, 53% and 54%, respectively. In contrast, the Nordic market had the smallest decline, 31%. In the rest of the markets, price declines ranged from 41% in the German and Italian markets to 52% in the French market.
These price declines led the price of the first quarter of 2024 to be the lowest since the last quarter of 2020 in the Spanish and Portuguese markets. The markets of France and the United Kingdom reached the lowest averages since the first quarter of 2021. For the German, Belgian, Italian and Dutch markets, prices in the first quarter of 2024 were the lowest since the second quarter of 2021.
In the first quarter of 2024, lower gas and CO2 emission rights prices compared to the previous quarter, a general increase in solar energy production and an increase in wind energy production in most analysed markets led to lower prices in the European electricity markets compared to the fourth quarter of 2023, despite the increase in demand in almost all markets.
Compared to the first quarter of 2023, gas and CO2 emission rights prices also fell and solar energy production increased in all analysed markets. In addition, wind energy production increased in almost all markets. Moreover, electricity demand declined in some markets, also contributing to the year‑on‑year price declines in the electricity markets, AleaSoft Energy Forecasting reports.
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