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European electricity prices rise in late November: Forecasts for December trends

During the fourth week of November, average electricity prices in most major European markets rose compared to the previous week. The only exception was the Nord Pool market in the Nordic countries, which saw a 21% drop. The MIBEL market, covering Spain and Portugal, experienced the largest price increase of 34%, while the IPEX market in Italy had the smallest increase at 1.8%. Prices in other markets ranged between a 5.7% rise in the UK’s N2EX market and a 10% increase in France’s EPEX SPOT market, AleaSoft reports.

In the fourth week of November, weekly average prices exceeded €100/MWh in most of the European electricity markets analyzed. The exceptions were the Nordic market, with the lowest average at €43.27/MWh, and the French market at €97.71/MWh. On the other hand, the Italian market recorded the highest weekly average at €138.16/MWh. Prices in the remaining markets ranged from €101.84/MWh in Germany to €124.53/MWh in Portugal.

Regarding hourly prices, negative prices were observed in the German, British, Dutch, and Nordic markets during the early hours of Monday, November 25, due to high wind energy production at the beginning of the week. The German market registered the lowest hourly price, €1.86/MWh, from 3:00 to 4:00.

The rise in gas prices, coupled with a drop in weekly wind energy production, contributed to the price increases across European electricity markets in the week of November 25. In Italy, a decrease in solar energy production and a slight increase in demand also played a role in driving up prices, making Italy’s market record the highest weekly average. In Spain, lower nuclear energy production due to a refueling outage at the Ascó I nuclear power plant further contributed to the price hike.

AleaSoft Energy Forecasting’s price forecasts indicate that, in the first week of December, electricity prices will increase in most European markets, driven by a drop in wind energy production and rising demand. However, the MIBEL and IPEX markets are expected to experience price declines. Factors such as an increase in wind energy production in the Iberian Peninsula, a decrease in electricity demand in Spain, and a rise in solar energy production in Spain and Italy will influence this price behavior, AleaSoft reports.

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