From November 23 to November 25, daily prices were below €100/MWh in almost all major European electricity markets, influenced by high levels of wind energy production. However, higher prices on the remaining days of the fourth week of November resulted in weekly averages higher than those of the previous week in most of the markets analyzed at AleaSoft Energy Forecasting. The exceptions were the Nord Pool market of the Nordic countries, with a price decline of 17%, and the MIBEL market of Portugal and Spain, with declines of 17% and 18%, respectively. In the rest of the analyzed markets, prices increased between 3.8% in the IPEX market of Italy and 19% in the EPEX SPOT market of France.
In the fourth week of November, weekly averages were below €105/MWh in most of the analyzed European electricity markets. The exceptions were the N2EX market of the United Kingdom and the Italian market, where prices were €110.50/MWh and €131.61/MWh, respectively. In contrast, the Portuguese and Spanish markets registered the lowest averages, €69.78/MWh and €69.83/MWh, respectively. In the rest of the analyzed markets, prices ranged from €76.24/MWh in the Nordic market to €103.97/MWh in the Dutch market.
Between November 20 and 22, the MIBEL market had the lowest daily prices compared to the rest of the main European markets. Since October 26, this has been the case for 20 days.
In the case of the Portuguese market, despite registering the lowest weekly average, on Sunday, November 26, from 18:00 to 19:00, it reached its highest hourly price since October 23, €156.68/MWh. On the other hand, the German, Belgian, French and Dutch markets registered hourly prices below €2/MWh on Friday, November 24. The German market reached the lowest hourly price, €0.10/MWh.
During the week of November 20, the 3.6% increase in the average gas spot price compared to the previous week and the general increase in electricity demand exerted an upward influence on prices in European markets. In addition, the weekly average of wind energy production also declined in most markets. In the MIBEL market, the significant increase in wind energy production on the Iberian Peninsula, together with the increase in solar energy production, led to lower prices.
AleaSoft Energy Forecasting’s indicate that in the last week of November, prices in European electricity markets might continue to rise, influenced by increased demand. In addition, in some markets such as Germany and France, wind energy production might decline, contributing to this behaviour.
