AleaSoft Energy Forecasting says higher wind production and lower demand slightly dragged down electricity prices last week. However, weekly averages stayed above €100 ($105.36)/MWh in all analyzed markets, except for the Nordic market.
Patrick Jowett
Image: AleaSoft Energy Forecasting
Average prices in most major European electricity markets fell last week, according to analysis from AleaSoft Energy Forecasting.
The consultancy recorded average price decreases across the Belgian, British, Dutch, French, German, Nordic, Portuguese, and Spanish markets compared to the week prior.
The Italian market, however, saw the highest average price of the week, €132.84 ($139.96)/MWh. Prices in all markets, except the Nordic market, remained above €100/MWh, where the weekly average was €30/MWh.
The consultancy attributes the slight drop in electricity prices to a significant increase in wind energy production and increased demand in some markets. Despite average gas prices peaking at €46.55/MWh on Nov. 15, the highest of 2024, AleaSoft said that wind energy offset the impact.
Although weekly prices dropped, several markets saw their highest hourly price of the year. The French market reached €125.10/MWh on Nov. 14, its highest since December 2023, while Spain and Portugal reached €136.37/MWh on Nov. 18, their highest since October 2023.
Looking ahead, AleaSoft said electricity prices will continue to fall across most major European markets in the third week of November, driven by further wind energy production increases.
Solar energy production rose in France and Italy but fell in Germany, Portugal, and Spain. France and Portugal both set daily solar production records in November, reaching 52 GWh and 14 GWh on Nov. 15 and 11, respectively.
AleaSoft said it expects an increase in solar production in Germany and Spain this week, though production will fall in Italy.
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