In the last week of October, the weekly average price on the Nord Pool market was the highest since mid-June. Between October 26 and 30, the Iberian Peninsula’s MIBEL market reached the lowest price of all markets, supported by high wind energy generation. TTF gas futures remained at the €50/MWh level for the third consecutive week.
In the same period, major European electricity markets experienced a decrease in solar energy production compared to the previous week. The German market registered the largest decrease of 36%. The Spanish market registered the smallest decrease of 0.5%. In contrast, the Portuguese and Italian markets recorded increases in solar energy production of 7.8% and 5.9% respectively.
According to AleaSoft Energy Forecasting‘s solar energy production forecasts for the week of October 30, an increase is expected in Germany and Spain. The Italian market will be the exception to this trend.
In the week of October 23, wind energy production increased in the Southern European markets compared to the previous week. The Italian market registered the largest increase with 31%. In the Spanish and Portuguese markets, production increased by 9.8% and 3.6% respectively. In Germany, wind energy production decreased by 14% and in France by 1.3%. Despite the decline in weekly production, 843 GWh of wind energy was generated in Germany on October 29, the highest level since mid-March.
According to AleaSoft Energy Forecasting‘s wind energy production forecasts for the week of October 30, production using this technology will increase in all analyzed markets except the Iberian Peninsula.
Electricity demand
In the week of October 23, all major European markets saw an increase in electricity demand compared to the previous week. The increases ranged from 0.8% in the German market to 8.8% in the Dutch market.
During the same period, average temperatures decreased in most of the markets analyzed, except Germany. The Iberian Peninsula and France registered temperature decreases of more than 1°C. In the remaining markets, the average temperature decrease did not exceed 0.8°C.
According to AleaSoft Energy Forecasting‘s demand forecasts, only Portugal and the UK are expected to see an increase in demand for the week of October 30. In the rest of the analyzed markets, a decrease in demand is expected on November 1.