In the last week of 2023, European electricity prices significantly decreased compared to the previous week due to milder weather and lower electricity demand. A third consecutive week of lower gas and CO2 futures prices, and increased wind energy production in most electricity markets, contributed to the downward trend.
During the last week of December, most of the European electricity markets analysed had weekly averages below €35/MWh. The exception was the Italian market with €116.2/MWh and the Greek market with €95.9/MWh.
In the SEE region, the price of electricity on the exchanges fell in all markets, except Italy, by 35% on average. Bulgaria, Romania, Hungary, Serbia and Croatia registered an average price decline of 55%, while Turkey and Greece posted lower prices by 7% and 5%, respectively.
All countries in the SEE region registered electricity price losses, with electricity prices being below €35/MWh, except Italy and Greece. Electricity prices ranged between €28-116/MWh, with the lowest wholesale electricity prices of €27.5/MWh in Croatia. Romania was the second cheapest electricity market in the SEE region, with electricity prices at €30.71/MWh. The Italian market registered the highest average price among the analysed markets, with an average of €116.2/MWh.
Weekly average spot electricity prices in Central Europe followed a downward trend. An ample wind supply and lower gas prices contributed to this trend.
All wholesale electricity markets in Central Europe experienced significant electricity price losses, with most markets posting prices below €30/MWh, except in the Netherlands and Switzerland.
Germany recorded the lowest electricity price at €20.7/MWh, followed by the Czech Republic which registered an electricity price of €23.44/MWh. The Netherlands was the most expensive country in Central Europe with an electricity price of €34.6/MWh.
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