During the last week of January, electricity prices in most European markets rose slightly compared to the second half of the previous week. As a result, weekly average prices increased across most major European markets. The exceptions were the IPEX market of Italy and the MIBEL market of Spain and Portugal, which registered declines of 4.7%, 64%, and 73%, respectively. In contrast, the EPEX SPOT market of France recorded the largest percentage increase, 8.5%. In other markets analyzed by AleaSoft Energy Forecasting, weekly prices rose between 1.2% in Germany and 7.8% in Belgium.
During the week of January 26, weekly averages exceeded €110/MWh in most markets. The Portuguese and Spanish markets were exceptions, with averages of €17.25/MWh and €23.03/MWh, respectively. Meanwhile, the Italian market registered the highest weekly average at €140.74/MWh. In the remaining markets analyzed, prices ranged from €111.50/MWh in France to €123.31/MWh in Germany.
Regarding daily prices, most markets recorded levels above €90/MWh during the last week of January. The MIBEL market remained an exception, with daily prices below €40/MWh. On Sunday, February 1, the Portuguese market registered the lowest daily average of the week at €1.04/MWh, marking its lowest daily price since April 9, 2024. In Spain, the daily price reached €5.57/MWh on Saturday, January 31, the lowest since May 24, 2025.
Meanwhile, the Nord Pool market in the Nordic countries, as well as the German, Belgian, Italian, and Dutch markets, saw daily prices exceed €130/MWh in some sessions. In Italy, daily prices surpassed €145/MWh during the first four days of the week, with the highest daily average of €150.97/MWh recorded on Tuesday, January 27.
Rising gas prices, higher demand, and lower solar energy production in most markets contributed to the overall increase in European electricity prices during the week. In France, lower wind energy production also supported the price rise. However, lower demand in Spain and Portugal caused declines in the MIBEL market. In addition, wind energy increased in Portugal, while Spain maintained steady wind production and higher hydroelectric generation. In Italy, higher wind and solar generation contributed to lower prices.
Looking ahead, AleaSoft Energy Forecasting expects prices to fall in most major European markets during the first week of February, driven by higher wind and solar production and lower demand in some cases. In contrast, reduced wind output in Portugal is expected to push prices higher in that market, AleaSoft reports.
