The latest analysis of ALEASOFT Energy Forecasting showed that the weekly average electricity prices in the last week of January fell, despite an increase in gas and CO2-Future prices, thanks to an increase in solar and wind production and decrease in demand for electricity.
The average electricity prices fell against the major European markets in the last week of January, according to analysis by ALEASOFT Energy Prognee.
Compared to the week beforeThe consultancy registered a decrease in the weekly price average in the Belgian, British, Dutch, French, German, Italian, Nordic, Portuguese and Spanish markets.
The trend led to weekly averages under € 120 ($ 124.47)/MWh in all analyzed markets except the British and Italian markets, where the weekly averages amounted to € 136.76/MWh and € 141.95/MWh. The Nordic market continued to have the lowest average price and registered € 40.19/MWh last week.
ALEASOFT attributed the downward trend to a decrease in demand for electricity in most markets, in addition to an increase in the production of solar and wind energy.
The price decreases were registered despite gas and CO2 Futures prices that rise during the week, with a weekly settlement price of € 53.24/MWh on January 31, which is the highest ALEASoft since October 2023.
This had a Domino effect at the electricity prices last weekend, in which most of the analyzed markets registered on Sunday 2 February their highest electricity prices of the week of the week.
ALEASOFT predicts that the trend will have continued until the week of 3 February, which leads to an increase in the weekly average electricity prices in most markets during the first full week of February. It is expected that a greater demand for electricity will contribute to the upward process in addition to a fall in the production of wind energy.
The production of solar energy increased last week in the French, German, German, Italian, Portuguese and Spanish markets and continued a trend from the week before.
The Portuguese and Spanish markets broke their records for solar production for a day in January on the last day of the month and registered 17 GWH and 119 GWH. The French market surpassed its record for solar production for a day in February on the second day of the month, a total of 62 GWH.
For the week from 3 February, ALEASOFT predicts further increase in solar production on Italian, German and Spanish markets.
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