In 2023, the annual average price was below €100/MWh in most major European electricity markets. The exceptions were the N2EX market of the United Kingdom, with an average of €108.06/MWh, and the IPEX market of Italy, with €127.24/MWh. On the other hand, the lowest annual average price of €56.44/MWh was that of the Nord Pool market of the Nordic countries. In the rest of the European electricity markets analyzed at AleaSoft Energy Forecasting, the averages ranged from €87.10/MWh in the MIBEL market of Spain to €97.27/MWh in the EPEX SPOT market of Belgium.
When comparing average prices in 2023 with those registered in 2022, prices fell in all markets. The largest price drop, 65%, was in the French market, while the smallest decline, 47%, was in the Portuguese market. In the other markets, price declines ranged from 48% in the Spanish market to 60% in the German, Belgian and Dutch markets.
In addition, 2023 prices were also the lowest since 2020 in almost all analyzed markets. The exception was the Italian market. In this market, the 2021 average, €125.46/MWh, was slightly lower than the 2023 average.
In 2023, the significant drop in the average gas price compared to the previous year led to lower prices in the European electricity markets. Increased wind and solar energy production also contributed to the decline. In addition, electricity demand decreased compared to 2022 in almost all analyzed markets.
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