In October 2023, the monthly average price was below €95/MWh in almost all major European electricity markets. The exceptions were the N2EX market of the United Kingdom and the IPEX market of Italy. In these markets, the averages were €96.55/MWh and €134.26/MWh, respectively. On the other hand, the Nord Pool market of the Nordic countries registered the lowest monthly price, €26.47/MWh. In the other markets, averages ranged from €84.26/MWh in the EPEX SPOT market of France to €90.24/MWh in the EPEX SPOT market of the Netherlands.
In general, prices in the European electricity markets analyzed at AleaSoft Energy Forecasting were fairly stable in October compared to previous months. Compared to September, average prices in October showed a certain downward trend in most European electricity markets. The exceptions were the British market, with a slight increase of 0.7%, the Italian market, with an increase of 16%, and the Nordic market, with a rise of 95%. On the other hand, the MIBEL market of Portugal registered the largest drop, 14%. In the other markets, declines ranged from 5.0% in the French market to 13% in Germany and Spain.
Comparing average prices for October with those registered in the same month of 2022, prices fell in all analyzed markets. In this case, the largest drop, 64%, was in the Nordic market. In the other markets, price declines ranged from 29% in the British, Spanish and Portuguese markets to 53% in the French market.
As a result of the registered price declines, the average of October was the lowest since May in the Iberian market. In the case of Germany, Belgium, France and the Netherlands, the averages were the lowest since July.
In October 2023, the fall in the average gas price and the generalized increase in wind energy production compared to October 2022 led to a year-on-year decrease in European electricity market prices. Solar energy production also increased in almost all analyzed markets, contributing to the price decline.
On the other hand, the increase in wind energy production compared to the previous month also contributed to the price decreases registered in most electricity markets compared to September, despite the increase in the average gas price.
