During the second week of February, electricity prices in most major European markets showed a downward trend, with weekly averages falling compared to the previous week. Exceptions included the EPEX SPOT market in Germany, which rose 1.9%, and the Nord Pool market in the Nordic countries, which increased by 13%. The EPEX SPOT market in the Netherlands recorded the smallest decrease at 0.9%, while the largest drops were seen in France (51%) and the MIBEL market of Portugal and Spain (52% and 53%, respectively). Other analyzed markets experienced declines ranging from 4.6% in the UK’s N2EX market to 9.3% in Italy’s IPEX market, according to AleaSoft Energy Forecasting.
Despite the declines, weekly averages in most markets exceeded €90/MWh, except for Portugal (€2.18/MWh), Spain (€6.24/MWh), and France (€39.60/MWh). The Nordic market recorded the highest weekly average at €125.08/MWh, while other markets ranged between €93.62/MWh in Belgium and €116.21/MWh in Italy.
On a daily basis, Spain and Portugal saw prices below €5/MWh in most sessions. Portugal reached the week’s lowest daily price of €0.34/MWh on February 11, its lowest since April 6, 2024. Spain recorded its lowest price since April 17, 2024, at €1.55/MWh on February 15. In France, daily prices dropped below €20/MWh in some sessions, reaching €13.61/MWh on February 11, the lowest since October 24, 2025. On February 16, prices fell further to €12.13/MWh, remaining above the October 23, 2025 level.
Conversely, Germany, Belgium, Great Britain, Italy, the Netherlands, and the Nordic markets saw daily prices exceed €100/MWh during some sessions. In Italy and the Nordic region, daily prices surpassed €120/MWh during the first three days of the week. The Nordic market recorded the highest daily average among the analyzed markets at €158.53/MWh on Tuesday, February 10, marking the highest daily price since December 23, 2022.
Price declines in the week of February 9 were driven by falling gas and CO₂ allowance prices, increased solar production, and lower demand in most markets. In the Iberian Peninsula, high hydroelectric output also contributed, while rising wind energy production in Spain, France, and Portugal further pushed prices down.
For the third week of February, AleaSoft Energy Forecasting anticipates that prices will fall in most major European markets, driven by higher wind and solar output in Germany and Italy. However, higher demand and lower wind generation in the Iberian Peninsula are expected to push prices upward in the MIBEL market, AleaSoft reports.
