Wholesale electricity prices in Europe in the period from December 19 to 25, 2022 fell in parallel with the price of gas. European wholesale gas prices have been reduced for five days in a row, due to forecast mild weather in the period around the New Year holidays, with supplies in significant volume. The price drop was recorded in all markets, with an average decrease of around 43%.
Hungary recorded the biggest weekly drop in electricity prices by around 50%, followed by Croatia and Bulgaria, by 48% and 47%, respectively, compared to last week. In addition, prices in Serbia and Greece decreased by 46% and 21%, respectively, due to warmer weather and the consequent drop in demand for gas.
Average weekly electricity prices in Central Europe fell below 200 euros per MWh in all markets, except for Switzerland, where the lowest price was achieved in Germany – 169.8 euros per MWh, boosted by strong wind production. Switzerland recorded the highest price – 205.5 euros per MWh, even after a 47% drop compared to the previous week.
The average weekly spot prices of electricity in Southeast Europe fell significantly in the period December 19-25. Electricity was traded in the range of 173 – 273 euros per MWh, with the wholesale price of electricity in Serbia being the lowest in the region – 173.3 euros per MWh.
Greece was the most expensive market in SEE for the second week in a row, with a wholesale electricity price of 232.7 euros per MWh.
The weekly price in Romania and Bulgaria was 176.7 euros per MWh, while the price in Croatia was 178.2 euros per MWh. The Hungarian price was halved compared to the previous week, to 180 euros per MWh.