In the third week of June, average electricity prices increased in most major European markets compared to the previous week, with the notable exception of the Nordic countries’ Nord Pool market, which saw a 37% drop. France’s EPEX SPOT market experienced the largest percentage increase at 83%. Other markets analyzed by AleaSoft Energy Forecasting showed price rises ranging from 4.7% in Italy’s IPEX market to 40% in Spain’s MIBEL market.
Weekly average prices during the week of June 16 exceeded €70/MWh in most European markets. The Nordic and French markets were exceptions, with averages of €18.53/MWh and €51.58/MWh, respectively. Italy recorded the highest weekly average at €118.86/MWh. Other markets ranged from €71.82/MWh in Germany to €94.64/MWh in the UK’s N2EX market.
On June 19, the Nordic market registered the lowest daily average price of the week at €7.00/MWh, maintaining prices below €25.00/MWh throughout the week. Conversely, the UK, Spain, Italy, and Portugal experienced multiple days with prices exceeding €100/MWh. June 19 marked the highest daily prices, with Italy reaching a peak of €124.67/MWh. The price in Italy rose even further to €136.57/MWh on June 23, marking its highest level since February 27.
Despite rising weekly averages, most European markets recorded negative hourly prices during the third week of June, except for Italy. Germany saw the lowest hourly price on June 22, between 1 PM and 2 PM, at €99.01/MWh.
The increase in electricity prices during the week of June 16 was driven by rising gas prices and higher electricity demand. Additionally, wind energy production declined in Germany, Spain, and Portugal, while solar energy output fell in Italy, AleaSoft reports.
