In the week of December 23, electricity prices rose across most major European markets, driven by reduced wind generation in many regions and higher gas and CO2 prices.
The largest price increase was seen in Germany’s EPEX SPOT market, where the weekly average price surged by 99% compared to the previous week. Other European markets also saw significant price hikes, with the Netherlands, France, Belgium, and the UK N2EX markets recording increases of 74%, 72%, 69%, and 63%, respectively.
Southern European markets experienced more moderate price increases. Italy’s IPEX market had the smallest rise, at just 0.9%, while the MIBEL markets of Spain and Portugal saw increases of 8.4% and 9.0%, respectively.
The exception to these price increases was the Nordic countries’ Nord Pool market, where prices fell by 16% compared to the previous week.
During the fourth week of December, the average price in most major European electricity markets surpassed €100/MWh. The Italian market recorded the highest average at €121.55/MWh, followed by the UK at €110.99/MWh. The Spanish and Portuguese markets averaged €108.31/MWh. In contrast, the Nordic market had the lowest weekly average at €19.71/MWh.
Between Friday, December 27, and Sunday, December 29, the highest daily prices of the week were recorded. On December 27, the UK market saw a peak price of €129.32/MWh. The EPEX SPOT markets hit their highest prices on December 28, reaching around €121/MWh. On December 29, Italy recorded its highest daily average price of €143.60/MWh, while the Iberian market reached €136.15/MWh.
Looking ahead to the first week of 2025, AleaSoft Energy Forecasting predicts a price decrease in the EPEX SPOT and N2EX markets due to a recovery in wind power production. However, prices in the Iberian and Italian markets are expected to continue rising due to lower wind power output, AleaSoft reports.
