In week 29, electricity prices in Europe increased as electricity demand hiked due to an extreme heatwave striking the continent. However, the increasing amounts of solar output helped bolster electricity supplies and moderate price hikes.
These factors, together with the increase in CO2 prices, favoured electricity market prices to be above those of the previous week in most European markets.
In the SEE region, the price of electricity increased in all markets. Romania and Bulgaria registered the highest weekly electricity price spike by 21% and 20% respectively. They were followed by Hungary which registered an electricity price surge of 14% as compared to the previous week 28. Greece posted moderate electricity price increases of 8%.
Weekly electricity prices in the SEE region ranged between 69 and 125 euros per MWh, with wholesale electricity prices forming lower in Turkey at an average of 68.87 euros per MWh, followed by Croatia and Serbia, with electricity prices at 105.17 euros per MWh and 108.46 euros per MWh respectively. Greece was the most expensive country in Europe at 125.02 euros per MWh, followed by Italy (116.31 euros per MWh).
Average spot electricity prices in Central Europe followed an upward trend in all markets during week 29. All wholesale electricity markets in Central Europe experienced marginal to moderate gains in prices. Belgium was the country with the lowest electricity price at 78.39 euros per MWh, followed closely by the Netherlands which registered electricity prices at 78.45 euros per MWh.
