AleaSoft Energy Forecasting, February 2, 2024. In January 2024, prices in European electricity markets maintained the stability of recent months and registered slightly higher averages than in December 2023. Solar photovoltaic energy production reached record levels for a January month in all markets and wind energy production in Germany and Italy. Electricity demand increased in general. Average gas and CO2 prices fell for the third and sixth consecutive month, respectively.
In January 2024, solar energy production increased in the main European electricity markets compared to the same month in 2023. The German market registered the largest increase, which was 75%, followed by increases in the French and Italian markets, 26% and 25% in each case. The smallest variations were registered in the Iberian market, with an increase of 5.7% in Portugal and 7.2% in Spain.
Compared to the previous month, solar energy production in January also increased in all markets analyzed at AleaSoft Energy Forecasting. Again, the German market registered the largest change, with an 85% increase compared to the generation registered in December 2023. The Italian and French markets increased by 22% and 16%, respectively. The Iberian market registered lower growth, with an increase of 2.1% in Spain and 6.8% in Portugal.
Solar photovoltaic energy production in January 2024 broke records in all analyzed markets, compared to historical January production in previous years. The Spanish market topped the list of record-setting markets, generating 1848 GWh. The German, Italian and French markets followed with 1502 GWh, 1058 GWh and 909 GWh, respectively. In the Portuguese market, solar technology produced 201 GWh.
These production records for January month are indicative of the overall growth in solar energy generation capacity installed in recent years. An example of this is the solar capacity installed in Portugal, which, according to REN data, increased by 128 MW between December 2023 and January 2024.
