Weekly electricity prices fell across most major European markets during the third week of May, according to analysis from AleaSoft Energy Forecasting.
When compared to the week prior, the Nordic market saw the largest decrease, recording a 67% drop. Weekly electricity price decreases were also recorded in the Belgian, Dutch, German, French, Portuguese and Spanish markets. The exceptions were the British and Italian markets, which registered weekly electricity price increases of 0.2% and 5.8%.
During the third week of May, weekly averages were below €50 ($54.20)/MWh in most analyzed European electricity markets. The exceptions were the Dutch, British and Italian markets, with averages of €55.80/MWh, €81.80/MWh and €96.12/MWh, respectively.
Last week’s lowest weekly average was recorded in the Nordic market, at €13.18/MWh.
All markets, bar the British and Italian markets, recorded negative prices on at least one day last week, while the German, Belgian, French and Dutch markets recorded negative prices on multiple days. The Dutch market recorded the lowest hourly price for the third consecutive week, registering -€80.00/MWh on May 19.
AleaSoft attributed the drop in electricity market prices to a fall in the average price of gas and CO2 emission allowances and an increase in wind energy production in most analyzed markets. The drop also coincided with increased electricity demand across all the major European electricity markets when compared to the week prior.
For the week commencing May 20, AleaSoft forecasts electricity prices to increase in the Dutch, German, Portuguese and Spanish markets, driven by falling levels of wind energy production, but further prices decreases are predicted in the other analyzed markets.
Solar energy production declined in the French, Italian, Portuguese and Spanish markets during the third week of May. The German market was the exception, where production increased for the fourth consecutive week, this time by 1.3%. Germany also broke its daily record for PV production, recording 404 GWh on May 14.
For the week commencing May 20, AleaSoft predicts a downward trend in solar production in Germany and Italy, but an increase in Spain.
This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: editors@pv-magazine.com.
By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.
Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.
You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.
Further information on data privacy can be found in our Data Protection Policy.