The weekly average electricity price increased across all major European markets last week, according to analysis from AleaSoft Energy Forecasting.
When compared to the week prior, the Spanish consultancy noted an increase in the weekly average electricity price in the Belgian, British, Dutch, French, German, Italian, Nordic, Portuguese and Spanish markets.
Weekly averages were above €100 ($117.45)/MWh in all markets except the Portuguese, Spanish and French markets, which recorded respective averages of €58.88/MWh, €59.76/MWh and €73.95/MWh.
The Italian market had the highest average of the week, at €131.47/MWh, followed by the British market, at €119.45/MWh. In both of these markets, daily averages were above €100/MWh throughout the week.
AleaSoft says an increase in the weekly price of CO2 emission allowances, lower wind energy production in most markets and higher demand pushed electricity prices upwards across the analyzed markets.
In Germany and Italy, lower solar energy production compared to the week prior also had an impact on rising prices. In contrast, the Iberian market of Portugal and Spain registered higher solar energy production than the week prior, helping these countries register a smaller percentage increase in prices than other markets.
AleaSoft also found that Spain and France registered new all-time highs for solar energy production during a day in May last week. Spain generated 229 GWh of solar on May 6, while France reached 160 GWh two days later.
Electricity prices could decline this week, AleaSoft’s analysis adds, driven by increased wind energy production and a drop in electricity demand. Solar energy production is expected to increase in the German, Italian and Spanish markets.
Last week saw TTF gas futures in the ICE market reach their weekly maximum settlement price on Monday May 4, at €48.14/MWh, before declining. The weekly minimum settlement price was recorded on Thursday May 7, at €43.56/MWh, which AleaSoft says was impacted by expectations of an agreement between the United States and Iran that would allow the reopening of the Strait of Hormuz.
The consultancy’s analysis adds that gas price movements will continue to influence European electricity market prices.
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.