Prices in major European electricity markets surged rapidly during the first sessions of the week of March 2, reaching their highest values on March 4 or March 5. Later in the week, prices decreased slightly but remained above the previous week’s levels, resulting in higher weekly average prices in most markets. The Nordic market was the only exception, recording a slight decrease of 0.3%. The largest percentage increases were observed in the Spanish, Portuguese, and French markets, at 134%, 142%, and 192%, respectively. Other markets saw weekly increases ranging from 32% in Italy to 81% in Belgium.
During the week, weekly average prices exceeded €80/MWh in most major European markets. Exceptions included Portugal (€55.54/MWh), Spain (€56.85/MWh), and France (€65.50/MWh). The Italian market recorded the highest weekly average, €141.28/MWh. Other analyzed markets ranged between €83.92/MWh in the Nordic region and €125.69/MWh in the British market.
Regarding daily prices, on Monday, March 2, the Spanish market registered the lowest daily average, €18.36/MWh, followed closely by Portugal at €18.39/MWh. Both markets remained below €30/MWh on Tuesday, March 3, while France also recorded daily prices below €30/MWh on Monday.
In contrast, the Italian market maintained daily prices above €120/MWh during the first week of March. The German, British, Belgian, and Dutch markets also registered prices above €100/MWh in some sessions. On March 4, the Italian market reached the week’s highest daily average, €165.74/MWh, the highest since February 14, 2025. The British market also reached a daily peak of €143.71/MWh on March 4, the highest since February 15, 2025, and climbed to €149.95/MWh on March 9.
The increase in gas prices was the main driver behind higher electricity prices in most European markets during the week of March 2. Lower wind energy production in Germany and France, combined with decreased solar output in Spain, Italy, and Portugal, further contributed to the upward pressure. Additionally, rising electricity demand in the British, Spanish, and Portuguese markets played a significant role.
Looking ahead, AleaSoft Energy Forecasting projects that, in the second week of March, gas prices may remain high or increase further depending on developments in the Iranian conflict, which would push European electricity prices upward. Coupled with higher demand in most markets, lower solar production in Germany, and reduced wind output in the Iberian Peninsula and Italy, this situation is expected to maintain strong upward pressure on prices, AleaSoft reports.
