Weekly average electricity prices were more than € 120 ($ 125.54)/MWh in most major European electricity markets during the first week of February, according to analysis of ALEASOFT Energy Prognosing, because the prices of gas fautures reached their highest arrangements in two years.
The average prices on the most important European electricity markets rose in the first week of February, according to analysis by ALEASOFT Energy Prognosing.
In comparison with the week beforeThe consultancy found the average price increases in the Belgian, British, Dutch, French, German, Italian, Nordic, Portuguese and Spanish markets.
All markets, Bar The Nordic Market, had an average of more than € 120 ($ 125.54)/MWH, with the Italian market reaching the highest figure, at € 153.81/MWh.
ALEASOFT attributed the price increase to an increase in TTF gasfutures, which reached a weekly maximum settlement price of € 55.72/MWh on 7 February, which represents the highest price that has been registered by the consultancy firm since 7 February 2023.
A decrease in the production of wind energy and low temperatures led to an increase in gas demand in the first week of February, ALEASOFT added, while an increase in electricity demand in most markets also influenced the higher electricity prices.
During the second week of February, ALEASOFT expects prices to fall on most large markets, powered by an increase in the production of solar and wind energy.
The production of solar energy increased last week in Germany, Italy, Portugal and Spain, but fell in Italy.
The French, Portuguese and Spanish markets all broke their record for photovoltaic production for a day in February. France reached 68 GWH on the third day of the month, Portugal hit 17 GWH on the fifth day of the month and Spain registered 129 GWH the day after.
Before the week of 10 February, ALEASOFT predicts further increases in the production of solar energy on the German market, but decreases on the Italian and Spanish markets.
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