Most major European electricity markets recorded a gradual increase in weekly electricity prices during the second week of May, according to Spanish consultancy AleaSoft Energy Forecasting.
The largest weekly increases were in the German and Nordic markets, at 18% and 12%, respectively. Increases were also observed in the Belgian, British, Dutch, Italian, Spanish and Portuguese markets. The only exception was the French market, where prices fell 17%.
Weekly average prices remained below €65 ($70.66)/MWh in most analyzed markets. The exceptions were the German, British and Italian markets, with respective averages of €67.33/MWh, €81.65/MWh and €90.86/MWh.
The French market had the lowest weekly average, standing at €28.06/MWh, breaking Portugal’s 13-week streak as the market with the lowest weekly prices.
All the analyzed countries, except the British and Italian markets, registered negative prices last week. For the second consecutive week, the Dutch market reached the lowest hourly price, at -€200.00/MWh, recorded on May 12 between 13:00 and 14:00.
AleaSoft said a fall in wind energy production and an increase in the average price of gas and CO2 emission allowances had an upward influence on electricity market prices. A decline in electricity demand in most major European markets last week may have also played a part, which came as countries experienced warmer than average temperatures for this time of year.
For the third week of May, AleaSoft is predicting a fall in electricity prices, driven by an increase in wind energy production across most markets.
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