Electricity prices in the majority of major European markets increased during the week commencing July 29, according to analysis from AleaSoft Energy Forecasting.
When compared to the week prior, average electricity prices were higher in the Belgian, British, Dutch, French, German, Italian, Portuguese and Spanish markets. The exception was the Nordic market, which registered a 3.2% week-on-week decrease, and the lowest weekly average price across all markets, at €24.11 ($26.34)/MWh.
The Italian market registered the highest weekly average price, at €120.13 ($131.26)/MWh. AleaSoft’s analysis found the Italian market to have reached the two highest daily prices so far in 2024 last week, recording €125.89/MWh on July 29 and €124.99/MWh on August 4.
Despite a general trend of increasing prices, all markets analyzed except the British, Italian, Portuguese and Spanish recorded negative prices on both July 29 and 30.
AleaSoft says the main reason for price hikes last week was increases in gas and CO2 prices, with gas reaching its highest settlement price since December 2023 mid-week. It adds that a universal rise in temperatures increased demand in some markets, while a decline in wind energy production in Germany, France and Spain also had an effect.
The consultancy is predicting most weekly electricity prices to be lower in the week commencing August 5.
AleaSoft also found solar energy production increased in France, Germany and Italy last week, but decreased in Portugal and Spain.
The French market broke its all-time record for daily solar production on July 29, recording 129 GWh. The French, Italian and Spanish markets all registered their highest ever daily solar production figure for a day in August on August 1, reaching 105 MWh, 124 MWh and 199 MWh respectively, while the Portuguese market joined them on August 2, hitting 22 GWh.
During the current week, AleaSoft predicts solar energy production to increase in Germany and Spain but decrease in Italy.
This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: editors@pv-magazine.com.
By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.
Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.
You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.
Further information on data privacy can be found in our Data Protection Policy.