In the first week of February, average electricity prices increased across most major European markets. The N2EX market of the United Kingdom saw the smallest rise at 2.0%, while the MIBEL market for Spain and Portugal experienced the largest increases, with prices climbing by 94% and 95%, respectively. Other markets analyzed by AleaSoft Energy Forecasting saw price hikes ranging from 7.8% in the Nordic countries’ Nord Pool market to 52% in the French EPEX SPOT market.
By February 3, weekly average prices had surpassed €120/MWh in most European markets. The Nordic market, however, posted the lowest average at €51.73/MWh, while Italy’s IPEX market reached the highest weekly average at €153.81/MWh. Other markets ranged between €123.35/MWh in Portugal and €140.18/MWh in Belgium.
Daily prices in the first week of February were generally above €105/MWh, with the exception of the Nordic market, where prices fell below €90/MWh. On February 5, the Nordic market saw its lowest price of the week at €33.11/MWh. Meanwhile, daily prices in Germany, Belgium, France, Italy, and the Netherlands occasionally exceeded €150/MWh. The Italian market recorded the highest price, €155.76/MWh, on February 9.
The increase in electricity prices during the week of February 3 was driven by a combination of factors: lower wind energy production, a rise in the weekly gas price, and increased demand in most markets.
Looking ahead, AleaSoft Energy Forecasting predicts that prices will decrease in most European electricity markets during the second week of February. This drop will be supported by increased wind and solar energy production in markets like Germany and reduced demand in France and Spain, AleaSoft reports.
