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European electricity prices: Mixed trends in November 2024 amid rising demand and wind energy growth

During the third week of November, electricity prices in European markets showed a mix of increases and decreases compared to the previous week. The Italian IPEX market and the Nordic countries’ Nord Pool market were the exceptions, with notable price increases of 2.2% and 82%, respectively. On the other hand, the German EPEX SPOT market saw the largest percentage price drop, falling by 22%, while the UK’s N2EX market recorded the smallest decline at 8.3%. Other European markets, including Spain’s MIBEL and France’s EPEX SPOT, saw prices drop by between 9.0% and 20%, AleaSoft reports.

Most analyzed European electricity markets saw weekly average prices exceeding €90/MWh, with exceptions for the Nordic and French markets, which recorded the lowest weekly averages of €54.58/MWh and €88.47/MWh, respectively. The highest weekly average was seen in Italy, at €135.78/MWh. Prices in the other markets ranged from €93.14/MWh in Spain to €109.34/MWh in the UK.

Daily prices on Sunday, November 24, were notably low in most markets, falling below €14/MWh. This was attributed to high wind energy production and lower demand on that day. Germany registered the lowest price at €3.97/MWh, the lowest since May 13. Spain and Portugal saw their lowest prices since June 3, while Belgium, France, and the Netherlands experienced their lowest prices since July 7. The UK market reached its lowest price since August 26.

Despite the increase in demand and rising prices for gas and CO2 emission allowances, the growth in wind energy production across many European markets led to a decrease in electricity prices during the week of November 18. In Germany, increased solar production also contributed to the larger price drop seen in that market, AleaSoft reports.

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