In Week 41 electricity market prices increased as geopolitical tensions in the Middle East impacted natural gas prices and the power markets in Europe. Some hourly prices were above 200 euros /MWh.
The rise was supported by higher gas and CO2 prices, which registered their highest levels since February and August, respectively. Increased demand and lower solar energy production also drove prices up, while wind energy helped prices to fall on some days.
In the SEE region, the price of electricity on the exchanges surged in all markets with an average percentage increase of 21%. Serbia registered the highest weekly electricity price rise by 30%, followed by Romania which faced an electricity price growth of 26% as compared to the previous week. In Greece, the average weekly electricity price increased by 22%, while Italy witnessed an electricity price increase of 20%.
In SE Europe, all countries registered electricity price gains and all markets posted electricity prices above 100 euros/MWh, except Turkey. Electricity prices ranged between 76 – 145 euros/MWh, with wholesale electricity prices forming lower in Turkey at a weekly average of 76.33 euros/MWh, followed by Croatia, with electricity price at 114.26 euros/MWh.
Italy was the most expensive country in SE Europe at 145.3 euros/MWh, followed by Greece which recorded an electricity price of 119.38 euros/MWh.
Weekly average spot electricity prices in Central Europe followed an upward trend in all markets during week 41. The higher gas prices drove the electricity prices to escalate. All wholesale electricity markets in Central Europe experienced considerable electricity price gains, with half of the markets posting prices above 100 euros/MWh.
Germany recorded the lowest electricity price at 77.92 euros/MWh, followed by Belgium which registered an electricity price of 83 euros/MWh.
France and the Netherlands recorded electricity prices of 84 euros/MWh and 84.01 euros/MWh. Switzerland was the most expensive country in Europe with electricity prices at 119.95 euros/MWh.