AleaSoft Energy Forecasting says higher wind production, lower electricity demand, and a drop in average temperatures led to falling electricity prices across most major European markets during the fourth week of August.
August 29, 2024
The fourth week of August saw average electricity prices fall across the majority of major European electricity markets, according to analysis from AleaSoft Energy Forecasting.
In a direct reversal of the week prior, weekly average prices decreased in Belgium, Britain, the Netherlands, France, Germany, Italy and the Nordic markets, but increased in Spain and Portugal.
AleaSoft says price decreases were driven by a fall in weekly average gas prices, an increase in wind production in most markets and a drop in electricity demand in some markets. Portugal and Spain’s price increases were driven by a decrease in wind and solar production.
The Italian market continued to record the highest weekly average price, at €123.31 ($136.99)/MWh, followed by the Spanish and Portuguese markets, at €82.34/MWh and €82.60/MWh.
The rest of the analyzed markets had weekly averages below €65 ($77.22)/MWh, with the Nordic market recording the lowest average, at €7.42/MWh.
All analyzed markets, bar the Italian market, registered negative electricity prices on August 25. The British market reached negative prices four days last week, while the Belgian, Dutch, French, German and Nordic markets reached negative prices on five days. The Dutch market registered the lowest hourly price of all, at -€44.92/MWh on August 24 between 14:00 and 15:00.
AleaSoft says it expects prices to increase in most analyzed markets this week, driven by a fall in wind energy production and increase in electricity demand.
Last week saw solar energy production decrease in Germany, Portugal and Spain when compared to the week prior, but increase in France and Italy. AleaSoft forecasts this week will bring an increase in solar production in Germany, but a drop in Italy and 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.
Popular content
