Weekly electricity prices across major European markets remained at similar levels to the week prior during the first week of December, according to analysis from AleaSoft Energy Forecasting.
The consultancy says last week showed “a heterogenous evolution” of electricity prices, with prices being higher than the week prior during the weekdays but lower at the weekends.
As a result, weekly averages stayed in excess of €100 ($104.99)/MWh in all analyzed markets bar the French market at €95.58/MWh and the Nordic market at €45.48/MWh. The Italian market continued to have the highest average, reaching €147.07/MWh.
The highest hourly prices of the week were recorded on Dec. 4, when Belgium, France and Italy all recorded their highest prices of 2024 to date.
Last week’s higher prices were driven by an increase in weekly gas prices – which reached its highest price of the year so far at €48.66/MWh on Dec. 2 – alongside an increase in electricity demand and a fall in wind energy production in some markets, AleaSoft says.
For the second week of December, AleaSoft is predicting electricity prices will increase across most analyzed markets, driven by lower wind energy production and increased electricity demand.
AleaSoft also found solar energy production increased in Portugal and Spain last week but decreased in France, Germany and Italy.
France, Portugal and Spain all broke their all-time records for solar energy production during a day in December. The French market recorded 44 GWh on Dce. 4, the Spanish market hit 87 GWh on December 5 and the Portuguese market reached 11 GWh on December 8.
During the second week of December, AleaSoft is expecting solar energy production to increase in Germany and Italy but decrease in Spain.
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