AleaSoft Energy Forecasting says it recorded weekly average electricity prices in excess of €70 ($75.90)/MWh in all major European markets last week, except for the Nordic market, as gas prices reached their highest level so far this year.
October 30, 2024
Patrick Jowett
Most major European electricity markets experienced an increase in average electricity prices last week, according to analysis by AleaSoft Energy Forecasting.
AleaSoft recorded weekly average price increases in the Belgian, British, Dutch, French, German, Italian, Portuguese and Spanish markets. The exception was the Nordic market, where average weekly prices fell by 46% compared to the week prior.
Weekly averages were above €70/MWh in all analyzed markets bar the Nordic market, which reached an average of €12.21/MWh. The Italian market continued to record the highest average, recording €120.90/MWh.
The Belgian, British, Dutch, German and Nordic markets all recorded negative electricity prices on the morning of Oct. 21. The British market reached the lowest price of the week, at -€7.01/MWh, representing its lowest price since August.
AleaSoft attributed last week’s price increases to a surge in the price of gas and CO2 emission allowance. TTF gas futures in the ICE market reached a weekly maximum settlement price of €43.51/MWh, which AleaSoft said is 11% higher than the previous week and the highest figure recorded since the end of November 2023. A drop in wind energy production and an increase in electricity demand also contributed to the price hike.
For the last week of October, AleaSoft said it expects that a decrease in electricity demand will lead to prices falling in some markets, but the Belgian, British, Portuguese and Spanish markets are all expected to see prices continue rising.
Solar energy production increased in France, Italy, Portugal and Spain last week, but fell in Germany. Portugal broke its record for solar energy production on a day in October three times, resulting in almost 16 GWh on Oct. 23.
AleaSoft said solar energy production will increase during the final week of October in Italy, but fall in Germany and Spain.
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