In the first week of November 2024, electricity prices across most major European markets saw notable increases compared to the previous week. The Nord Pool market in the Nordic countries recorded the largest percentage rise, climbing by 198%, while the IPEX market in Italy saw the smallest increase, at 5.4%. Other European markets, including the UK’s N2EX and Germany’s EPEX SPOT markets, experienced price increases ranging from 12% to 35%, AleaSoft reports.
During this period, weekly average prices exceeded €110/MWh in most of the major European electricity markets. The Nordic market stood out with the lowest weekly average of €32.39/MWh, while the German market reached the highest weekly average at €146.20/MWh, marking the highest average since June 2024. Other markets saw prices ranging from €110.45/MWh in Portugal’s MIBEL market to €135.11/MWh in the Netherlands.
Hourly price spikes were also observed. On November 5, between 18:00 and 19:00, Spain, France, Italy, and Portugal registered a price of €193.00/MWh, the highest since October 2023 in Spain and Portugal, and since December 2023 in France. On November 6, between 17:00 and 18:00, Germany and the Netherlands saw dramatic price peaks, reaching €820.11/MWh and €550.00/MWh, respectively—both the highest in these markets since June and December 2022. In the same period, Belgium and the UK saw their highest prices since December 2022, with prices of €363.11/MWh and £329.09/MWh.
The surge in prices during the first week of November can be attributed to a combination of factors. Increased electricity demand, coupled with a drop in wind energy production, contributed significantly to the higher prices. Solar energy generation also declined in most markets, further pushing prices upwards. While gas prices were slightly lower compared to the previous week, they remained elevated, around €40/MWh, continuing to place pressure on energy costs. Additionally, in the MIBEL market, the scheduled shutdown of the Ascó I nuclear power plant for refueling since November 4 further contributed to the price increases due to a reduction in nuclear energy production.
Looking ahead, AleaSoft Energy Forecasting’s price forecasts predict a decrease in electricity prices across most European markets in the second week of November, largely driven by a projected increase in wind energy production, AleaSoft reports.
