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Europe: Electricity prices rise in October amid mixed market trends

In the fourth week of October, average electricity prices across most major European markets saw an increase compared to the previous week. The notable exception was the Nord Pool market in the Nordic countries, which experienced a significant drop of 46%. The Italian IPEX market recorded the smallest increase at 4.1%, while the French EPEX SPOT market registered the largest rise of 34%. Other markets analyzed by AleaSoft Energy Forecasting showed price increases ranging from 10% in the UK’s N2EX market to 32% in Germany’s EPEX SPOT market, AleaSoft reports.

During this week, weekly average prices surpassed €70/MWh in most European electricity markets. The Nord Pool market had the lowest average at €12.21/MWh, while the German, British, and Italian markets reached the highest averages of €100.24/MWh, €105.44/MWh, and €120.90/MWh, respectively. Prices in other analyzed markets varied, with the French market averaging €70.72/MWh and the Dutch market at €98.53/MWh.

Some European markets experienced negative hourly prices on Monday, October 21. Negative prices were recorded in the early hours across the German, Belgian, British, Dutch, and Nordic markets, with the British market seeing negative prices for the first six hours. The lowest hourly price of the week occurred in the British market at £7.01/MWh from 3:00 to 4:00 AM, marking the lowest price since August 26.

The increase in weekly average prices can be attributed to a rise in gas and CO2 emission allowance prices, alongside a decline in wind energy production in most markets. Additionally, increased electricity demand in several regions contributed to the upward price trend.

AleaSoft Energy Forecasting’s predictions suggest that electricity prices may decrease in some European markets in the last week of October due to reduced demand. However, prices are expected to rise in the MIBEL market of Spain and Portugal, as well as in the Belgian and British markets, AleaSoft reports.

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