AleaSoft Energy Forecasting says electricity prices fell in all major European electricity markets during the last week of May, except for the Italian and Nordic markets. Additionally, Portugal broke its record for daily solar energy production again.
Average electricity prices fell in most major European markets during the last week of May, according to analysis from AleaSoft Energy Forecasting.
Prices fell in the Belgian, British, Dutch, German, French, Spanish, and Portuguese markets compared to the previous week. The exceptions were the Italian and Nordic markets, where prices increased by 6.7% and 12%, respectively. The largest price decreases occurred in France, Spain, and Portugal, at 56%, 59%, and 60%, respectively.
In the last week of May, weekly averages exceeded €55 ($59.82)/MWh in all markets except the French, Spanish, Portuguese and Nordic markets. France had the lowest weekly price, at €16.13/MWh, while Italy had the highest, at €102.60/MWh.
All analyzed markets, except the British and Italian markets, recorded negative electricity prices at least once last week. For the sixth week running, the Dutch market recorded the lowest price, at -€81.00/MWh on June 2 between 15:00 and 16:00.
AleaSoft Energy Forecasting said higher wind energy production and lower electricity demand in some markets exerted downward influence on electricity prices during the last week of May. The price decrease in Portugal and Spain was also influenced by increased solar production in the Iberian Peninsula.
During the first week of June, AleaSoft forecasts electricity prices to increase in most markets, due to a predicted decrease in wind energy production and in most markets, an increase in electricity demand.
In the last week of May, solar energy production decreased in most major markets, with Germany experiencing the largest drop, at 20%. But Portugal saw a 9.5% week-on-week increase and broke its historical record for daily photovoltaic energy production for the second consecutive week, reaching 21 GWh on May 27.
Solar production is expected to fall in Spain and Italy in the first week of June, but increase in Germany.