In the first week of June, average prices in most major European electricity markets rose compared to the previous week. The only exceptions were the Nord Pool market of the Nordic countries and the EPEX SPOT market of France, which experienced price decreases of 1.8 percent and 39 percent, respectively. The MIBEL market of Portugal and Spain recorded the largest percentage increases, with rises of 59 percent and 71 percent, respectively. In the remaining markets analyzed by AleaSoft Energy Forecasting, price increases ranged from 2.0 percent in the IPEX market of Italy to 20 percent in the N2EX market of the United Kingdom.
During the week of June 2, weekly average prices exceeded €50 per megawatt-hour in most European electricity markets. The only exceptions were the Nordic and French markets, which averaged €15.66/MWh and €17.09/MWh, respectively. The Italian market had the highest weekly average, at €99.73/MWh. In the rest of the analyzed markets, prices ranged between €51.41/MWh in the Spanish market and €72.98/MWh in the British market.
Regarding daily price variations, on Sunday, June 8, the French market recorded the lowest daily average of the week among the analyzed markets, at €2.49/MWh. In contrast, the Italian market exceeded €100/MWh on four separate occasions during the first week of June. The highest daily average was reached on June 4, when the Italian market recorded €116.82/MWh.
In terms of hourly prices, despite the increase in weekly averages, most European electricity markets saw negative hourly prices during the first week of June. The only exceptions were the Italian and Nordic markets, which avoided such dips. On Sunday, June 8, hourly prices fell below €50/MWh in the German, Belgian, and Dutch markets between 14:00 and 16:00. The lowest hourly price of the week was recorded in the German market from 15:00 to 16:00, reaching €-53.06/MWh.
The rise in electricity demand across most markets, combined with decreased solar energy production and rising CO2 emission allowance prices, contributed to higher electricity prices in the first week of June. In Italy, a further contributing factor was a drop in wind energy production. According to AleaSoft Energy Forecasting, prices are expected to rise in most major European electricity markets in the second week of June. This trend will likely be driven by increased demand in several markets and reduced wind and solar energy production. However, in the German market, prices are forecast to fall due to a drop in demand and a recovery in solar energy production, AleaSoft reports.
