SEE region: Spot power prices varied during February

, SEE Energy News

In February 2023, prices of most European electricity markets rose compared to January 2023. The rise in electricity prices, despite falling demand and prices for gas, led to a decline in wind energy production and an increase in the cost of the carbon contract. On February 21, the EU Allowance base contract exceeded 100 euros per ton.

Electricity prices in SEE region edged lower in half of the markets – Greece, Italy, Hungary and Turkey, while the rest of the countries experienced electricity prices increases. Electricity price decrease in Greece fell by 19%, followed by Turkey which registered electricity price drop by 18%.

Italy was the most expensive market in the region in February 2023 with average monthly electricity price at 161.1 euros/MWh, followed by Greece which registered wholesale average electricity price of 156.2 euros/MWh.

Compared to January 2023, electricity demand receded in all European markets as the average temperature for February 2023 was 1°C higher than the the 1991-2020 average. The largest decreases in electricity demand in February 2023 compared to the previous month were registered in Greece and Turkey by 12% and 9% respectively, followed by Serbia and Hungary -both country exhibited lower demand by 8%.

Moreover, the output from variable renewables recorded gains in most markets, except Serbia and Croatia which saw renewable output recede by 22% and 13% respectively. Hungary, Bulgaria and Greece experienced soaring renewable output by 40%, 33% and 11% respectively, while Romania and Italy recorded gains of smaller scale by 3% and 1% respectively.

As European spot gas prices followed a downward trend during February affecting wholesale electricity prices, most of the countries adapted their cross-border electricity trade accordingly to latest demand needs. Most countries decreased their electricity imports in compliance with the lower domestic electricity demand, while others like Croatia and Serbia increased electricity imports to cover the lower renewable output.


error: Content is protected !!