Weekly average electricity prices dropped across most major European markets during the second week of July, according to analysis by AleaSoft Energy Forecasting.
The Spanish consultancy noted a decrease in the weekly average electricity price in the Belgian, Dutch, French, German, Italian, Portuguese and Spanish markets, when compared to the week prior. The British and Nordic markets were the only ones to buck the trend.
AleaSoft says a drop in electricity demand, alongside an increase in solar and wind energy production in some markets, helped lower prices. In France and Italy, new records for daily solar production also contributed to the decrease.
The Italian market reached its highest ever daily solar production when it recorded 161 GWh on July 9. A day later, France achieved the same feat when it reached 173 GWh of solar. Last week also saw the Spanish market set its all-time high for solar production on a day in July, hitting 224 GWh on July 7.
Despite record solar production, electricity prices in the Italian market remained above €100 ($115.99)/MWh throughout the week. Italy had the highest weekly average electricity price of all analyzed markets last week, at €108.38/MWh, followed by the British (€91.51/MWh) and Spanish (€77.28/MWh) markets.
All other analyzed markets had weekly average prices in excess of €75/MWh, except the French (€49.96/MWh) and Nordic (€33.54/MWh) markets.
During the third week of July, AleaSoft is expecting electricity prices to increase in most markets, largely driven by lower wind energy production and, in some cases, higher demand.
The consultancy is also forecasting solar energy production will increase in Germany and Spain this week, but fall in Italy.
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