In the first week of February, electricity prices in most major European markets declined. Although some markets saw slight recoveries during the second half of the week, weekly average prices fell compared to the previous week. The IPEX market of Italy and the Nord Pool market in the Nordic region recorded the smallest drops, 8.9% and 9.0%, respectively. By contrast, the MIBEL market in Spain and Portugal experienced the largest declines, 43% and 74%, respectively. Other markets analyzed by AleaSoft Energy Forecasting saw decreases ranging from 13% in Germany’s EPEX SPOT market to 28% in France’s EPEX SPOT market.
Despite the weekly price declines, most European markets maintained weekly averages above €100/MWh. Exceptions included Portugal (€4.56/MWh), Spain (€13.18/MWh), and France (€80.63/MWh). The Italian market posted the highest weekly average, €128.15/MWh. Other markets ranged between €101.82/MWh in Belgium and €110.86/MWh in the Nordic region.
On a daily basis, most markets kept prices above €90/MWh during the first week of February, with Portugal, Spain, and France as exceptions. In Portugal, prices stayed below €10/MWh for nearly the entire week, reaching the lowest daily average of the week at €0.54/MWh on Saturday, February 7, the lowest since April 9, 2024. Spain also saw daily prices under €10/MWh during the week’s second half. Meanwhile, Germany, Italy, the Netherlands, and Nordic markets recorded daily prices above €115/MWh, with Italy exceeding €135/MWh in the first three days and hitting the highest daily average, €140.36/MWh, on Monday, February 2.
The price decline in Europe during the week of February 2 was driven by lower gas and CO₂ emission allowance prices, higher solar energy production, and lower electricity demand. In France and Italy, higher wind production also contributed to the drop.
Looking ahead to the week of February 9, AleaSoft Energy Forecasting expects prices to rise in most major markets due to lower wind production and, in some cases, higher demand. Conversely, Spain and France are expected to see price declines, supported by higher wind energy production and lower demand, AleaSoft reports.
