In early February, a notable decline in electricity demand was observed across several major European markets. The week commencing February 2 saw the French market experience the most significant drop, recording a decrease of 6.6%, which reversed a positive trend that had persisted for two weeks. Following France, Belgium reported a decline of 2.2%, continuing its downward trajectory from the previous three weeks.
Italy and Germany also saw reductions in demand, with declines of 1.7% and 1.4%, respectively, after five consecutive weeks of increases. The situation was similar in the Spanish market, which recorded another drop of 1.4%, while the British market fell by 0.9%. In contrast, Portugal experienced a slight recovery with a 1.8% increase, following a decline in the previous week.
The fluctuations in demand coincided with changes in average temperatures across these regions. Most markets reported milder temperatures compared to the previous week, with increases ranging from 0.6 °C in Germany to as much as 4.0 °C in Belgium. However, some areas like Portugal and Spain experienced slight temperature decreases of 0.5 °C and 0.1 °C, respectively.
AleaSoft Energy Forecasting has projected that this negative demand trend will persist into the week of February 9. Expected declines are particularly noted for markets in Germany, France, Italy, and Spain. Conversely, demand is anticipated to rise in regions such as Portugal, the UK, and Belgium, indicating a complex interplay between regional demands and climatic conditions.
