In the week of February 23, electricity prices in most major European markets peaked on Tuesday, February 24, before declining. As a result, weekly average prices fell in most markets compared to the previous week. Exceptions included the British and Italian markets, which saw slight increases of 0.7% and 1.8%, respectively. The Iberian markets also registered notable rises, with Spain up 18% and Portugal up 55%. In other markets analyzed by AleaSoft Energy Forecasting, prices declined between 9.4% in the Dutch market and 22% in Belgium.
During the week, weekly averages remained below €75/MWh in most markets. The British, Nordic, and Italian markets were above this level, with averages of €82.54/MWh, €84.21/MWh, and €106.67/MWh, respectively. The lowest weekly averages were observed in France (€22.43/MWh), Portugal (€22.98/MWh), and Spain (€24.28/MWh). Other markets saw prices ranging between €57.08/MWh in Belgium and €74.94/MWh in Germany.
Looking at daily prices, on Friday, February 27, the Belgian and French markets recorded the lowest daily average of the week, €12.70/MWh. For Belgium, this was the lowest daily price since October 6, 2025. In the same week, Spain and Portugal also registered some daily prices below €20/MWh. On Sunday, March 1, Germany reached its lowest price since January 2, 2026, at €52.93/MWh, while the Nordic market registered €67.86/MWh, the lowest since January 3.
Conversely, daily prices remained above €100/MWh in Italy throughout the fourth week of February. On Tuesday, February 24, the German, Dutch, and Nordic markets also surpassed €100/MWh, with the Nordic market reaching the highest daily average of the week, €115.74/MWh.
Price movements were influenced by increased solar production and a decline in electricity demand, which supported lower prices in most markets. However, the sharp drop in wind production in the Iberian Peninsula and Italy contributed to higher prices in Spain, Italy, and Portugal. In Portugal, reduced hydroelectric output also played a role.
For the first week of March, AleaSoft Energy Forecasting expects gas price evolution to be a key factor affecting European electricity prices. The escalation of the conflict in Iran could drive gas prices higher, contributing to price increases in most markets. Rising demand will also exert upward pressure. In Germany and France, a decrease in wind production is expected to push prices higher, while in the Iberian Peninsula, an increase in wind production could put downward pressure on Spanish and Portuguese prices, AleaSoft reports.
