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Europe: Electricity prices fall in late June amid lower gas costs and high renewables

In the fourth week of June, average electricity prices declined across most major European markets compared to the previous week. The United Kingdom’s N2EX market experienced the largest drop, falling by 28%. Other markets saw decreases ranging from 1.3% in Italy’s IPEX market to 14% in the Nordic countries’ Nord Pool market. France’s EPEX SPOT market was the exception, registering a 19% price increase.

Weekly average prices during June 23–29 exceeded €60/MWh in most markets, except the Nordic market, which averaged €15.84/MWh. Italy posted the highest weekly average at €117.27/MWh, while other markets ranged between €61.28/MWh in France and €87.84/MWh in Portugal’s MIBEL market.

On a daily basis, the Nordic market recorded its lowest average price of the week on Sunday, June 29, at €0.79/MWh—the lowest since August 26, 2024. Meanwhile, the UK, Spanish, Italian, and Portuguese markets frequently saw daily prices above €100/MWh. Italy’s highest daily average was €136.57/MWh on Monday, June 23, its peak since late February.

Hourly prices dipped into negative territory in most European markets during the week, except for Spain, Italy, and Portugal. The Belgian market’s lowest hourly price was €35.19/MWh on Sunday, June 29, between 14:00 and 15:00. The Nordic market’s lowest hourly price, €9.98/MWh, occurred on the same day between 13:00 and 14:00.

Lower gas and CO2 emission allowance prices, combined with increased wind energy production across many markets, contributed to falling electricity prices during the week. Solar production also increased in Spain and Italy, while electricity demand decreased in some regions.

Looking ahead to the first week of July, AleaSoft Energy Forecasting expects electricity prices to rise in most major European markets due to increased demand and, in many cases, reduced wind energy generation. However, growing wind output on the Iberian Peninsula is anticipated to help keep prices lower in the MIBEL market, AleaSoft reports.

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