AleaSoft records drop in weekly European electricity prices

Spanish consultancy AleaSoft Energy Forecasting registered a decrease in weekly electricity markets in all major European markets, bar the British and Italian markets, in the third week of May. The German market, meanwhile, broke its record for PV production on May 14, recording 404 GWh.

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 post appeared first on PV Magazine.

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