AleaSoft Energy Forecasting says most major European markets recorded higher electricity prices last week due to lower solar and wind energy production and despite a decline in gas and CO2 prices.
Most major European markets recorded an increase in average electricity prices last week, according to an analysis by AleaSoft Energy Forecasting.
Compared to the previous week, average prices rose in the British, German, Italian, Scandinavian, Portuguese and Spanish markets, but fell in the Belgian, Dutch and French markets.
Weekly averages were below €81/MWh in all markets last week, except the UK and Italian, where averages of €95.81/MWh and €111.60/MWh were recorded. Despite a 91% increase in the weekly average price, the Scandinavian market continued to have the lowest average of all markets analyzed, at €25.84/MWh.
The lowest hourly price of the week, of -€3.95/MWh, was registered on September 12 between 2:00 PM and 3:00 PM on the Belgian, Dutch, French and German markets. The Italian market recorded the highest hourly price of the week, reaching €180.32/MWh on September 16.
AleaSoft said lower solar and wind energy production, alongside increased electricity demand, contributed to higher electricity prices in most major European markets, despite a decline in gas and CO2 prices. For the fourth week of September, AleaSoft said it expects prices to decline in most markets as wind and solar energy production recovers.
Solar energy production fell 25% week on week in Portugal and 24% in Spain last week – the biggest percentage decline since early April in these markets. Solar energy production also fell in France and Italy, but rose in Germany, after two weeks of decline.
For the week of September 23, AleaSoft said solar energy production will likely increase in Spain, but decrease in Germany and Italy.
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