Rising electricity demand and higher CO2 emissions prices drove up average power prices last week across most major European markets, according to AleaSoft Energy Forecasting. Spain hit a new daily solar generation record, with France, Italy and Portugal also setting June highs.
Most major European electricity markets experienced an increase in the weekly average electricity price during the first week of June, according to analysis from AleaSoft Energy Forecasting.
When compared to the week prior, the Spanish consultancy found the weekly average price increased across the Belgian, British, Dutch, German, Italian, Portuguese and Spanish markets. Averages were above €50 ($57.94)/MWh in each of these markets, with the Italian market recording the highest at €99.73/MWh.
The exceptions were the French and Nordic markets, where the weekly average electricity price fell week on week, standing at €15.66/MWh and €17.09/MWh, respectively.
AleaSoft says the price hikes across most markets were caused by a rise in electricity demand and increase in CO2 emission allowance prices. During the second week of June the consultancy is anticipating a further rise in average electricity prices, driven by higher electricity demand and a drop in wind and solar energy production.
All analyzed markets, bar the Nordic and Italian markets, recorded negative electricity prices last week. The German market saw the lowest hourly price of the week, at -€53.06/MWh from 15:00 (CEST) to 16:00 on June 8.
AleaSoft also found solar energy production decreased week-on-week across France, Germany, Italy, Spain and Portugal.
Despite these declines, Spain broke its all-time record for solar energy production on June 6, reaching 221 GWh. On the same day, Portugal beat its record for solar produced during a day in June when it hit 27 GWh. This was followed by France and Italy achieving the same milestone as Portugal three days later, reaching 134 GWh and 152 GWh, respectively.
AleaSoft said it expects solar energy production to continue falling in Italy and Spain during the second week of June. Germany, meanwhile, is expected to reverse three consecutive weeks of decline with an increase in solar energy production.
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