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European electricity prices see mixed trends in January, with wind and solar energy driving future declines

In the fourth week of January, most major European electricity markets saw a decline in average prices. However, there were notable exceptions, with increases in the IPEX market of Italy (up 4.4%), the N2EX market of the United Kingdom (up 26%), and the Nord Pool market of the Nordic countries (up 164%). The MIBEL market, covering Spain and Portugal, experienced the largest percentage price drop, falling by 23%. Other markets also saw price decreases, ranging from 8.1% in the Netherlands (EPEX SPOT) to 18% in France (EPEX SPOT).

In the week of January 20, weekly average prices in most European electricity markets exceeded €100/MWh, with the Nordic market being the exception, registering the lowest average price at €56.09/MWh. The Italian and British markets recorded the highest averages, at €153.97/MWh and €166.96/MWh, respectively. Prices in the other markets analyzed ranged from €102.91/MWh in Portugal to €134.98/MWh in Germany.

Regarding daily prices, most markets saw their highest prices on Monday, January 20, followed by a decline throughout the week. The Nordic and British markets were exceptions, with their highest prices occurring on January 22. On January 20, daily prices in the German, Belgian, British, and Dutch markets surpassed €200/MWh. The Italian and French markets also saw significant peaks, with their highest daily prices since January 2023, at €192.84/MWh and €196.71/MWh, respectively. On January 22, the British market hit a peak of €309.01/MWh, its highest price since December 2022, while the Nordic market reached €129.14/MWh, the highest since January 6, 2024.

Despite rising gas and CO2 emission allowance prices, the decrease in demand and the increase in wind energy production led to a price drop in most European markets during the week of January 20. In Italy, however, the decline in wind energy production contributed to higher prices. According to AleaSoft Energy Forecasting’s forecasts, prices are expected to fall again in the final week of January due to an increase in solar and wind energy production, especially in markets like Spain and Italy, as well as a drop in demand in some regions, AleaSoft reports.

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