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Europe: Weekly electricity prices ranged between 45 and 93 euros/MWh

During the week of January 22, prices in most major European electricity markets continued the downward trend that began the previous week. The exception was the MIBEL market of Spain and Portugal. After reaching the largest percentage price declines in the third week of January, the Spanish and Portuguese markets registered increases of 6.3% and 7.5%, respectively. In contrast, the Nord Pool market of the Nordic countries, which registered a slight price increase in the previous week, reached the largest drop, 43%, in the fourth week of January. On the other hand, the IPEX market of Italy registered the smallest decline, 2.8%. In the other markets analyzed at AleaSoft Energy Forecasting, prices fell between 19% in the EPEX SPOT market of the Netherlands and 27% in the EPEX SPOT market of Germany, Belgium and France.

In the fourth week of January, weekly averages were below €75/MWh in almost all analyzed European electricity markets. The exception was the Italian market, which registered the highest average, €93.43/MWh. In contrast, the Nordic market had the lowest weekly price, €44.72/MWh. In the rest of the analyzed markets, prices ranged from €60.50/MWh in the French market to €71.19/MWh in the Portuguese market.

During the week of January 22, weekly gas and CO2 emission rights prices continued to fall. This had a downward influence on European electricity market prices. The general decline in electricity demand, the increase in solar energy production, as well as the increase in wind energy production in some markets such as Germany and France, also contributed to price declines in European electricity markets during the fourth week of January. However, wind energy production decreased significantly in the Iberian Peninsula and Italy. This drop led to higher prices in the MIBEL market and limited their decline in the IPEX market.

AleaSoft Energy Forecasting’s price forecasts indicate that in the week of January 29, prices in European electricity markets might increase. The decline in wind energy production and the recovery of demand in most markets will lead to this behaviour.

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