In the second week of February, average electricity prices in most major European markets saw an increase compared to the previous week. Prices maintained an upward trend during the early part of the week but dipped over the weekend, which limited the overall rise in weekly averages. The MIBEL market in Portugal and Spain, however, experienced a decline of 4.7% and 4.8%, respectively. On the other hand, the EPEX SPOT market in France saw the smallest increase at 1.9%, while the Nord Pool market in the Nordic countries experienced the largest jump in prices, with a 72% rise. Other markets, such as the IPEX market in Italy and the EPEX SPOT market in the Netherlands, saw price increases ranging from 3.6% to 8.6%.
During the week of February 10, most major European electricity markets recorded weekly averages above €140/MWh. However, the Nordic, Portuguese, and Spanish markets had lower averages, at €88.82/MWh, €117.50/MWh, and €117.64/MWh, respectively. The Italian market reached the highest weekly average at €159.40/MWh, while prices in the French and Belgian markets ranged from €140.73/MWh to €149.72/MWh.
Regarding daily prices, most electricity markets saw prices above €115/MWh. The Nordic and Iberian markets were exceptions, with the Nordic market reaching its lowest price of the week (€50.69/MWh) on February 11. Conversely, daily prices in the German, Italian, and Dutch markets exceeded €170/MWh on some days. The German market registered its highest price of the week (€179.14/MWh) on February 14. That same day, the Nordic market saw its highest price since December 2022, at €142.00/MWh.
The increase in electricity prices during the week of February 10 was influenced by lower solar and wind energy production, as well as rising demand in markets such as the UK’s N2EX, Germany, Belgium, and the Netherlands. Although gas prices dropped during the latter part of the week, the weekly average still ended up slightly higher than the previous week. On the other hand, the MIBEL market experienced lower prices due to decreased demand and increased wind energy production on the Iberian Peninsula.
Looking ahead, AleaSoft Energy Forecasting’s price forecasts suggest a drop in prices during the third week of February. This is expected to be driven by increased solar energy production, lower demand in most markets, and a rise in wind energy production in France and Spain, AleaSoft reports.
