In the first week of October, average electricity prices rose across most major European markets compared to the previous week, with the notable exception of the UK’s N2EX market, which experienced a 2.0% decline. The Italian IPEX market recorded the smallest price increase at 7.8%, while the Nord Pool market in the Nordic countries saw the highest rise, surging by 107%. Other markets observed price increases ranging from 8.9% in the Netherlands’ EPEX SPOT market to 63% in France’s EPEX SPOT market.
During this week, weekly average prices exceeded €70/MWh in most European electricity markets. Exceptions included the Nordic market at €39.60/MWh, the French market at €57.15/MWh, and the Belgian market at €64.87/MWh. The UK and Italian markets reported the highest weekly averages, at €92.43/MWh and €118.17/MWh, respectively. Prices in other analyzed markets varied, with Germany at €72.38/MWh and Portugal’s MIBEL market at €76.08/MWh.
Despite the overall increase in weekly averages, many markets recorded negative hourly prices during the first week of October. The British, Italian, and Nordic markets were exceptions to this trend. On Sunday, October 6, negative hourly prices were noted in the German, Belgian, French, and Dutch markets from 1:00 PM to 3:00 PM, while the Spanish and Portuguese markets saw negative prices from 1:00 PM to 4:00 PM. In these instances, the negative price was consistently €0.01/MWh. Additionally, the French market experienced negative prices on September 30 from 3:00 PM to 5:00 PM.
The increase in electricity prices during the week of September 30 was driven by rising gas prices and a decrease in wind energy production. This trend was further compounded by increased demand and reduced solar energy output across many markets.
Looking ahead, AleaSoft Energy Forecasting predicts that prices will decline in most European electricity markets during the second week of October, largely due to an anticipated increase in wind energy production, AleaSoft reports.
