Electricity prices rose across Europe’s major electricity markets during the first week of November, according to analysis from AleaSoft Energy Forecasting.
The consultancy found weekly average price increases in the Belgian, British, Dutch, French, German, Italian, Nordic, Portuguese and Spanish markets when compared to the week prior.
Weekly averages were above €110 ($116.05)/MWh in all analyzed markets last week, except the Nordic market, where the average stood at €32.39/MWh. The German market overtook the Italian market to record the highest average of the week, at €146.20/MWh.
Last week saw most analyzed markets record their highest hourly price of the year so far. France, Italy, Portugal and Spain all reached €193.00/MWh on Nov. 5 between 18:00 and 19:00. This was the highest price since October 2023 in the Portuguese and Spanish markets and the highest since December 2023 in the French market.
The day after, between 18:00 and 19:00, Germany registered €550/MWh and the Netherlands reached €820.11/MWh, which was the latter’s highest recorded hourly price since December 2022.
Belgium and the United Kingdom then recorded their highest hourly prices since December 2022, reaching €363.11/MWh and £329.09/MWh, both on Nov. 6 between 18:00 and 19:00.
AleaSoft attributed the jump in electricity prices to an increase in electricity demand and decrease in wind energy production. It added that while gas prices were slightly lower than the previous week, they remained above or around €40/MWh, which is among the highest levels of the year.
Lower solar production also played a part in prices rising, AleaSoft said, with France, Germany and Italy all recording a drop in solar output.
However, solar production increased in Portugal and Spain last week, with the latter breaking its record for solar output on a day in November for the second consecutive week when it reached 109 GWh on Nov. 6.
For the week commencing Nov. 11, AleaSoft is predicting an increase in wind production will help electricity prices decrease in most markets. Meanwhile, solar energy production is forecast to increase in Germany and Spain but continue to fall in Italy.
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