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European electricity prices rise: Most markets see increases amid declining wind production

In the third week of October, average electricity prices rose in most major European markets compared to the previous week. Notable exceptions included the N2EX market in the United Kingdom and the Nord Pool market in the Nordic countries, which saw decreases of 1.4% and 15%, respectively. The Italian IPEX market recorded the smallest price increase at 8.6%, while the Portuguese MIBEL market experienced the largest rise, soaring by 15%. Prices in other analyzed markets, as reported by AleaSoft Energy Forecasting, ranged from a 9.0% increase in Spain to a 14% increase in the EPEX SPOT market of France, AleaSoft reports.

Despite these increases, weekly average prices remained below €81/MWh in most markets. The UK and Italy stood out with averages of €95.55/MWh and €116.17/MWh, respectively, while the Nordic market had the lowest average at €22.73/MWh. Other markets varied, with prices ranging from €52.82/MWh in France to €80.03/MWh in the Netherlands.

Interestingly, on Sunday, October 20, many markets registered negative hourly prices, attributed to the typical drop in demand on Sundays and high renewable energy production in certain areas. The Italian and Portuguese markets were exceptions to this trend. Specifically, the German, Belgian, Spanish, French, Dutch, and Nordic markets recorded negative prices between 13:00 and 15:00, while the UK market saw a negative price from 7:00 to 8:00. The lowest hourly price of the week occurred in Germany, Belgium, France, and the Netherlands at €2.01/MWh from 14:00 to 15:00 on Sunday.

The general decline in wind energy production during the week contributed to rising electricity prices across Europe, alongside decreased solar production and increased demand in most markets.

Forecasts from AleaSoft Energy suggest that prices may continue to rise in the fourth week of October, driven by the ongoing decline in wind energy production and heightened demand, AleaSoft reports.

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