AleaSoft Energy Forecasting says average electricity prices rose in all major European markets during the second week of July, with Spain and Portugal breaking their daily solar production records.
July 17, 2024 Patrick Jowett
Image: AleaSoft Energy Forecasting
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Electricity prices increased in all major European markets in the second week of July, according to AleaSoft Energy Forecasting.
When compared to the week prior, the Italian market registered the smallest increase, of 7%, while the French market recorded the largest, at 95%. Weekly price increases were also registered in the Belgian, British, Dutch, German, Nordic, Portuguese and Spanish markets.
Weekly price averages were below €70 ($76.60)/MWh in all markets except the United Kingdom at €84.16/MWh and Italy at €112.83/MWh. The Nordic market registered the lowest average, at €27.79/MWh.
The British and Italian markets were the only two to not record negative electricity prices last week. The Belgian and French markets reached the lowest hourly price, at -€74.02/MWh on Sunday, July 14.
AleaSoft attributed the higher prices during the second week of July to a fall in wind energy production and increase in electricity demand across most markets. It predicts prices will fall slightly in most markets during the third week of July, influenced by a decrease in demand.
Last week saw solar energy production increase by 23% week on week in Germany, by 16% in France, 12% in Italy, 5.7% in Spain and 1.7% in Portugal.
Spain broke its historical record for daily photovoltaic production, recording 208 GWh on July 12, as did Portugal, when it reached 23 GWh on July 13. Meanwhile, France and Germany broke their records for the most solar energy produced on a day in July, registering 121 GWh on July 8 and 405 GWh on July 9 respectively.
AleaSoft is forecasting solar energy production to continue increasing in Germany during the third week of July, but decrease in Italy and Spain.
