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Europe: Electricity prices rise across most markets in second week of May

In the second week of May, most major European electricity markets saw an increase in average prices. The only exceptions were Spain and France, where prices fell by 20% and 62%, respectively.

Portugal and the Nordic countries experienced the highest percentage increases, with prices rising by 106% and 195%. Other markets such as Belgium and Germany saw more moderate increases of 3.7% and 27%.

Weekly average prices surpassed €60/MWh in most markets, except in France (€9.61/MWh), Spain (€12.35/MWh), and Portugal (€34.05/MWh). The unusual price difference between Spain and Portugal was due to Portugal’s temporary restriction on electricity imports from Spain following the April 28 blackout.

The UK and Italy had the highest average prices, reaching €90.63/MWh and €97.25/MWh, while Belgium and Germany ranged between €61.25/MWh and €76.18/MWh.

On May 11, daily prices fell below €10/MWh in several markets, with France and Belgium recording negative prices. These were the lowest since mid-2020 and mid-2024, respectively. The Netherlands also saw its lowest price since July 2024.

Negative hourly prices occurred in multiple markets. Spain hit a historical low of –€15.00/MWh on May 11. That same day, between 13:00 and 14:00, Germany, the Netherlands, and Belgium recorded their lowest hourly prices since 2023 and 2019.

The weekly price increase was driven by rising gas and COâ‚‚ costs, along with higher electricity demand. However, strong wind output in France and increased solar generation in Spain helped ease prices in those countries.

Forecasts from AleaSoft Energy Forecasting suggest that in the third week of May, electricity prices will rise again in Spain and France but decline in Portugal. Other major markets are expected to see stable price levels, AleaSoft reports.

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