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Europe sees price declines in most electricity markets, except Italy

In the second week of November, average electricity prices fell in most major European markets compared to the previous week, with Italy’s IPEX market being the notable exception, where prices rose by 7.6%. The largest price drop occurred in the German EPEX SPOT market, which saw a significant 18% decrease, following the exceptionally high prices of the previous week, when prices exceeded €800/MWh for a few hours. France’s EPEX SPOT market, however, registered the smallest drop of just 0.7%. Other markets saw declines ranging from 5.5% in Belgium to 12% in the Netherlands, AleaSoft reports.

Despite the overall decrease, weekly average prices remained above €100/MWh in most European markets, with the exception of the Nord Pool market for the Nordic countries, where prices averaged €30.00/MWh—by far the lowest among the markets analyzed. On the other end, the Italian market had the highest weekly average at €132.84/MWh. Prices in the remaining markets ranged from €102.37/MWh in Spain’s MIBEL market to €120.29/MWh in Germany.

Looking at daily prices, the Nordic market reached its highest price since April 27, 2024, on Monday, November 11, at €68.17/MWh. In France, Thursday, November 14 saw the highest price since December 7, 2023, at €125.10/MWh. Meanwhile, the Iberian Peninsula (Spain and Portugal) reached a price of €136.37/MWh on Monday, November 18, marking their highest price since October 17, 2023.

Despite increases in gas and CO2 emission allowance prices, as well as a rise in demand in some markets, the significant increase in wind energy production during the week of November 11 helped push electricity prices lower across Europe. In Italy, however, the increase in wind and solar energy production was offset by higher demand and the country’s continued reliance on gas for electricity generation, leading to a price increase.

Looking ahead, AleaSoft Energy Forecasting forecasts that electricity prices will continue to fall in most European markets during the third week of November, driven by expected increases in wind energy production. In Germany and Spain, the increase in solar generation and a decrease in demand will also contribute to lower prices. However, prices may rise in the N2EX market of the United Kingdom, where a significant increase in demand is expected, AleaSoft reports.

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