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Europe: Mixed price trends across electricity markets in early January 2025

In the first week of January 2025, electricity prices in the main European markets exhibited a mixed pattern. In some markets, including MIBEL (Spain and Portugal), IPEX (Italy), and Nord Pool (Nordic countries), prices increased compared to the previous week. These price hikes ranged from 5.1% in Spain to as much as 77% in the Nordic region. Conversely, prices fell in several other markets, such as the N2EX market in the UK, which saw a decrease of 4.8%, and the EPEX SPOT market in Germany, where prices dropped by 28%.

For the week starting December 30, 2024, most of the analyzed European electricity markets saw weekly averages surpass €85/MWh. The Nordic market recorded the lowest weekly average at €34.96/MWh, while Germany had a weekly average of €73.87/MWh. In contrast, Italy reached the highest weekly average price at €140.39/MWh. Other markets recorded prices between €85.87/MWh in Belgium and €114.34/MWh in Portugal.

Regarding daily prices, most markets observed lower prices on January 1. The German market, for instance, saw its lowest price in a year, dropping to €0.95/MWh, the lowest since December 26, 2023. The Belgian and French markets also reached their lowest daily prices since November 25, 2024.

Despite higher gas and CO2 emission allowance prices, lower solar energy production, and increased electricity demand across most markets in the week of December 30, high levels of wind energy production helped moderate prices in markets like Germany and France. Meanwhile, a decline in wind energy production contributed to Italy’s higher weekly average price.

AleaSoft Energy Forecasting’s price projections suggest that in the second week of January 2025, price trends will reverse in most European markets. Increased wind energy production in Spain, Italy, and Portugal is expected to drive prices lower in those markets, while other markets are likely to experience price increases, AleaSoft reports.

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