During the week of February 5, prices in the main European electricity markets remained at a similar level to the one they have registered since the second half of January. Comparing the average prices of the week with those of the week of January 29, the behaviour was heterogeneous, but in general, they reversed the upward or downward trend of the previous week.
On the one hand, the Nord Pool market of the Nordic countries reached the highest price increase, 125%. The N2EX market of the United Kingdom and the EPEX SPOT market of Germany and the Netherlands also registered increases of 12%, 8.1% and 4.0%, respectively.
On the other hand, in the rest of the markets analyzed at AleaSoft Energy Forecasting, prices declined between 0.3% in the EPEX SPOT market of Belgium and 33% in the MIBEL market of Spain and Portugal.
In the second week of February, weekly averages were below €70/MWh in most analyzed European electricity markets. The exceptions were the IPEX market of Italy, which averaged €90.66/MWh, and the British market, with a price of €75.52/MWh. In contrast, the Portuguese and Spanish markets reached the lowest weekly prices, €48.07/MWh and €48.31/MWh, respectively. In the rest of the analyzed markets, prices ranged from €56.37/MWh in the French market to €68.92/MWh in the Nordic market.
In addition, in the early hours of Monday, February 5, the German, Belgian and Dutch markets registered hourly prices below €1/MWh. The German market registered the highest number of hours, a total of six, of which four had negative prices.
The MIBEL market also reached prices below €1/MWh for eight consecutive hours on Saturday, February 10. Specifically, between 11:00 and 17:00, the Iberian market price was €0/MWh. High levels of renewable energy production in hours with lower demand led to these prices.
During the week of February 5, the drop in solar energy production had an upward influence on prices in the German market. In markets such as the United Kingdom and the Netherlands, increased demand also contributed to higher prices. However, the significant increase in wind energy production in the French, Iberian and Italian markets led to lower prices in these markets.
AleaSoft Energy Forecasting’s price forecasts indicate that in the third week of February, prices in European electricity markets might increase. The drop in wind energy production will favour this behaviour. In addition, demand might increase in some markets.
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