AleaSoft Energy Forecasting’s says weekly average electricity prices increased across most major European markets last week, despite an influx of negative prices over the weekend. Portugal, meanwhile, broke its all-time record for solar energy production.
Most major European markets experienced an upswing in the average electricity price during the second week of May, according to analysis from AleaSoft Energy Forecasting.
When compared to the week prior, the consultancy noted an increase in the weekly average electricity price in the Belgian, British, Dutch, German, Italian, Nordic and Portuguese markets. Averages were above €60 ($67.24)/MWh in most cases, with the Italian market having the highest average, at €97.25/MWh.
AleaSoft attributed the price hikes to an increase in the weekly price of gas and CO2 emission allowances and a rise in electricity demand in most countries.
The French and Spanish markets bucked the upward trend, with average electricity prices falling to the lowest recorded figures of the week, at €9.61/MWh and €12.35/MWh. AleaSoft said a significant increase in wind energy production in France and solar energy production in Spain led to these lower prices.
On Sunday, May 11, most analyzed markets recorded negative hourly prices. The German, Dutch and Belgian markets reached the lowest hourly prices of the week, at -€250.32/MWh, -€350.00/MWh and -€462.33/MWh. This was the lowest hourly price in the Belgian market since June 2019 and the lowest in the German and Dutch markets since July 2023. On the same day, the Spanish market recorded its historical minimum hourly price, reaching -€15.00/MWh between 16:00 and 17:00.
May 11 also saw the French and Belgian markets record negative daily prices, of -€5.84/MWh and -€9.97/MWh. This was the lowest daily price in France since May 2020.
AleaSoft is predicting the third week of May will bring similar electricity prices to this week across most analyzed markets, but an increase in prices is expected in France and Spain.
The consultancy also found solar energy production rose week-on-week in Germany, Portugal and Spain last week but fell in France and Italy. On May 6, Portugal produced 26 GWh of solar, an all-time daily record for the country.
AleaSoft is predicting solar energy will have increased in Germany this week but will have continued to decline in Italy.
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