Electricity prices in most major European markets showed a mixed trend during the third week of February, rebounding slightly in the first days before declining again in the second half of the week. As a result, weekly average prices decreased in most markets compared to the previous week. The Iberian market was the clear exception, with prices surging by 230% in Spain and 581% in Portugal. Italy registered the smallest decline, at 9.8%, while the Nordic and French markets posted the sharpest drops, 26% and 28% respectively. In the remaining markets analyzed by AleaSoft Energy Forecasting, price decreases ranged from 16% in the United Kingdom to 22% in Belgium.
During the week of February 16, weekly average prices remained below €90/MWh in most European markets. The Nordic and Italian markets stood out, with averages of €93.02/MWh and €104.82/MWh, respectively. The Portuguese, Spanish and French markets recorded the lowest weekly averages, at €14.86/MWh, €20.57/MWh and €28.32/MWh. In the other analyzed markets, prices ranged from €72.82/MWh in Belgium to €86.13/MWh in Germany.
In terms of daily prices, Monday, February 16 saw Portugal register the lowest average of the week among the analyzed markets, at €3.50/MWh, while Spain also recorded a price below €5/MWh on the same day. On Sunday, February 22, France reached €9.56/MWh, its lowest daily price since October 6, 2025. That same day, Italy fell to €86.34/MWh, its lowest level since October 27, 2025, while Belgium recorded €43.92/MWh, its lowest price since November 2, 2025. Germany, Great Britain and the Netherlands also posted their lowest prices since January 2 on February 22, at €53.86/MWh, €51.84/MWh and €54.37/MWh, respectively. Meanwhile, the Nordic market reached €69.07/MWh on Saturday, February 21, its lowest level since January 3.
Despite the overall weekly declines, the German, Italian and Nordic markets registered daily prices above €100/MWh in at least one session during the third week of February. Italy exceeded €105/MWh in most sessions, while the Nordic market reached the highest daily average of the week among the analyzed markets, €128.91/MWh, on February 18.
Lower gas and CO₂ emission allowance prices, increased solar generation and reduced demand in most markets contributed to the overall price declines during the week of February 16. Higher wind production in Germany, France and Italy also supported downward pressure. In contrast, reduced wind output in the Iberian Peninsula drove prices significantly higher in Spain and Portugal.
According to AleaSoft Energy Forecasting’s price outlook, electricity prices are expected to rise in most European markets during the fourth week of February due to lower wind generation. However, declining demand could exert downward pressure in Germany and Belgium, while a significant increase in solar output in Germany is also expected to moderate price growth, AleaSoft reports.
