According to the latest analysis from AleaSoft Energy Forecasting, a drop in gas prices helped push the weekly average electricity price down in most major European markets last week, despite solar production also falling week on week in some countries.
According to an analysis by AleaSoft Energy Forecasting, electricity prices fell in most major European markets in the second week of November.
Compared to the previous week, the Spanish consultancy recorded a decrease in the weekly average electricity price on the Belgian, British, Dutch, French, German, Portuguese and Spanish markets. The exceptions were the Italian and Scandinavian markets, where the weekly average price rose by 3.6% and 6.1% respectively.
Due to the downward trend, weekly averages were below €85 ($97.80)/MWh in all markets except the Dutch (€85.74/MWh), German (€93.69/MWh) and Italian (€115.19/MWh) markets. The French market had the lowest average of the week, at €31.28/MWh.
AleaSoft says an increase in wind energy production and a drop in gas prices contributed to lower averages in most markets last week. In Belgium and France, electricity demand also fell, while in Italy demand increased and wind power fell, leading to the price increase.
The week starting November 17 is expected to see an increase in the weekly average electricity price for most markets, AleaSoft predicts, driven in most cases by increased electricity demand.
AleaSoft also found last week that solar energy production fell in France, Germany, Italy, Portugal and Spain. Portugal recorded the biggest week-on-week decline, at 45%, while Italy saw the smallest drop, at 11%.
The consultancy expects that solar energy production will increase in Spain this week, but will decline further in Germany and Italy.
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