According to AleaSoft Energy Forecasting, higher wind energy production, lower electricity demand and a drop in average temperatures led to falling electricity prices in most major European markets during the fourth week of August.
According to an analysis by AleaSoft Energy Forecasting, average electricity prices fell in most major European electricity markets in the fourth week of August.
In Belgium, the UK, the Netherlands, France, Germany, Italy and the Nordic markets, weekly average prices fell compared to the previous week, but rose in Spain and Portugal.
According to AleaSoft, the price declines are due to a drop in weekly average gas prices, an increase in wind energy production in most markets and a drop in electricity demand in some markets. The price increases in Portugal and Spain are due to a drop in wind and solar energy production.
The Italian market continued to record the highest weekly average price at €123.31/MWh ($136.99)/MWh, followed by the Spanish and Portuguese markets at €82.34/MWh and €82.60/MWh respectively.
The other markets analysed had weekly averages below €65/MWh, with the Nordic market recording the lowest average at €7.42/MWh.
All markets analyzed, except the Italian market, recorded negative electricity prices on August 25. The UK market reached negative prices for four days last week, while the Belgian, Dutch, French, German and Nordic markets recorded negative prices for five days. The Dutch market recorded the lowest hourly price of all on August 24, at -44.92 €/MWh.
AleaSoft expects rising prices this week in most of the markets analyzed, due to a decline in wind energy production and an increase in electricity demand.
Last week, solar power production fell in Germany, Portugal and Spain, but rose in France and Italy. AleaSoft forecasts higher solar power production in Germany this week, while falling in Italy and Spain.
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