During the third week of August, average electricity prices fell in most major European markets compared to the previous week. The exception was the Nord Pool market in the Nordic countries, which saw a 60% increase. The MIBEL market, covering Spain and Portugal, recorded the largest percentage decline at 18%. Other markets analyzed by AleaSoft Energy Forecasting saw price decreases ranging from 0.8% in Belgium’s EPEX SPOT market to 12% in France’s EPEX SPOT market.
Weekly average prices for the week of August 18 remained below €80/MWh in most European markets. Exceptions included Germany (€80.32/MWh), the UK’s N2EX market (€94.72/MWh), and Italy’s IPEX market (€106.05/MWh). Despite its price increase, the Nordic market had the lowest weekly average at €44.81/MWh. Other markets ranged from €58.48/MWh in France to €79.34/MWh in the Netherlands.
On a daily basis, the Nordic market recorded the lowest average of the week on Sunday, August 24, at €20.96/MWh, while on August 21 it reached its highest daily price since May 9 at €74.19/MWh. Italy’s daily prices remained above €100/MWh throughout the week, peaking at €111.24/MWh on August 20.
The decline in prices during the week of August 18 was largely driven by increased wind energy production and lower electricity demand in most markets. Solar production also rose in Portugal.
AleaSoft Energy Forecasting projects that in the fourth week of August, electricity prices will increase across most European markets due to higher demand. Wind production is expected to decrease in Italy and Portugal, while solar generation is forecast to drop in Germany and Italy, AleaSoft reports.
