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Electricity Prices Decline Across Most European Markets

published: 2024-06-06 17:12

AleaSoft Energy Forecasting reported a decline in electricity prices across most major European markets during the last week of May, with the exception of the Italian and Nordic markets. In a notable development, Portugal set a new record for daily solar energy production.

According to AleaSoft Energy Forecasting, average electricity prices dropped in most major European markets during the last week of May. Significant decreases were observed in the Belgian, British, Dutch, German, French, Spanish, and Portuguese markets compared to the previous week. In contrast, the Italian and Nordic markets experienced price increases of 6.7% and 12%, respectively. The most substantial price reductions were in France, Spain, and Portugal, with declines of 56%, 59%, and 60%, respectively.

In the last week of May, weekly average electricity prices surpassed €55 ($59.82) per megawatt-hour (MWh) in all major markets except for the French, Spanish, Portuguese, and Nordic markets. France recorded the lowest weekly average price at €16.13/MWh, while Italy had the highest at €102.60/MWh. Notably, all analyzed markets, with the exception of the British and Italian markets, experienced negative electricity prices at least once during the week. The Dutch market, for the sixth consecutive week, recorded the lowest price, hitting -€81.00/MWh on June 2 between 15:00 and 16:00.

AleaSoft Energy Forecasting reported that more wind energy production and reduced electricity demand contributed to lower electricity prices in some markets during the last week of May. In Portugal and Spain, the price drop was further influenced by increased solar production on the Iberian Peninsula. However, AleaSoft forecasts a rise in electricity prices in most markets for the first week of June, attributed to an expected decline in wind energy production and a rise in electricity demand in most regions.

In the last week of May, solar energy production declined in most major markets, with Germany experiencing the largest drop of 20%. However, Portugal saw a 9.5% week-on-week increase and set a new historical record for daily photovoltaic energy production for the second consecutive week, reaching 21 GWh on May 27. Looking ahead to the first week of June, solar production is expected to decrease in Spain and Italy, while an increase is anticipated in Germany.

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