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European electricity prices: Mixed trends in early January 2025 with rising demand and lower wind production

In the second week of January, the average prices of electricity in major European markets showed varied trends. On one hand, prices decreased in the EPEX SPOT market of France, the MIBEL market of Spain and Portugal, and the IPEX market of Italy, with price declines ranging from 0.5% in France to 25% in the Iberian markets. On the other hand, prices rose in the remaining markets analyzed by AleaSoft Energy Forecasting, with increases ranging from 10% in the EPEX SPOT market of the Netherlands to 44% in the Nord Pool market of the Nordic countries and the N2EX market of the United Kingdom.

In the week of January 6, weekly average electricity prices exceeded €85/MWh in nearly all analyzed markets, with the exception of the Nordic market, which had the lowest average at €50.50/MWh. The Italian and British markets saw the highest weekly averages, at €131.11/MWh and €152.37/MWh, respectively. Prices in other markets ranged from €85.19/MWh in Spain to €99.99/MWh in the Netherlands.

The highest daily price across the analyzed markets during the second week of January occurred on January 10 in the British market, reaching €272.43/MWh (GBP228.54/MWh). This marked the highest price in the British market since December 18, 2022.

The decrease in the weekly average gas price and the increase in wind energy production contributed to the lower prices observed in the Spanish, French, Italian, and Portuguese markets during the week of January 6. Conversely, the rise in electricity demand was a key factor in the price increases seen in other markets.

According to AleaSoft Energy Forecasting’s price forecasts, electricity prices in most European markets are expected to increase in the third week of January, driven by higher demand and a decline in wind energy production, AleaSoft reports.

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