AleaSoft Energy Forecasting says lower demand and gas prices, combined with higher wind and solar power, pushed electricity prices across Europe lower last week. France, Italy and Spain also set daily records for solar energy production for September.
Weekly electricity prices fell in all major European markets last week, according to analysis from AleaSoft Energy Forecasting.
Electricity prices fell in the Belgian, British, Dutch, French, German, Italian, Scandinavian, Portuguese and Spanish markets compared to the previous week. The Dutch market recorded the smallest percentage price drop at 16%, while the French market recorded the largest percentage price drop at 38%.
Weekly averages were below €80/MWh in all analyzed markets, with the exception of the United Kingdom and Italy, where averages of €81.28/MWh and €107.91/MWh were recorded. The Scandinavian market still had the lowest weekly average, at €13.55/MWh.
All analyzed markets, except Italian and Portuguese, recorded negative electricity prices for at least one day last week. The Dutch market reached the lowest price of -€1.83/MWh on September 10, while the German market recorded the highest price on September 12, namely €300.01/MWh.
AleaSoft said a decline in the weekly average price of gas and CO2 emissions allowances, a decline in electricity demand and an increase in solar and wind energy production in most markets contributed to the decline in electricity prices last week.
The consultancy said it expects the trend to continue in most markets in the third week of September, but predicts prices will rise in the UK, Dutch and Italian markets.
Meanwhile, solar energy production increased last week in France, Italy and Spain, but fell in Germany and Portugal.
France, Italy and Spain all broke their records for daily solar energy production on one day in September. The Spanish market registered 176 GWh on September 9, the Italian market reached 104 GWh on September 10 and the French market reached 107 GWh on September 15.
In the third week of September, AleaSoft said solar energy production will increase in Germany, but decrease in Italy and Spain.
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