In the fourth week of January, prices in the European electricity markets continued the downward trend that began the previous week. Cooler temperatures lowered demand while gas and CO2 prices continued to fall. The exception was the Iberian market where the fall in wind production led to prices being above those of the previous week. The weekly photovoltaic production of Germany and Spain was the highest for the month of January.
In the week of January 22, solar production increased in major European markets compared to the previous week. The markets of Italy and France continued their upward trend for the third consecutive week, this time with increases of 38% and 11%, respectively. In the case of the Portuguese market it was for the second consecutive week, with an increase of 61%. In the markets of Germany and Spain, solar production increased by 98% in both cases after having decreased during the previous week.
The German market established a weekly solar production record for the month of January of 488 GWh, which represents an increase of 43% compared to that registered in the week of January 8, 2024. The Spanish market also recorded a weekly record in production solar photovoltaic of 594 GWh, 3.7% higher than the value recorded in the week of January 30, 2023.
AleaSoft Energy Forecasting's solar production forecasts for the week of January 29 indicate that solar production will increase in Italy, Spain and Germany, following the increasing trend as the days get longer.
In the week of January 22, the prices of most of the main European electricity markets continued the downward trend that began the previous week. The exception was the MIBEL market of Spain and Portugal. After reaching the largest percentage drops in prices in the third week of January, the Spanish and Portuguese markets recorded increases of 6.3% and 7.5%, respectively. On the other hand, the Nord Pool market of the Nordic countries, which the previous week registered a slight increase in prices, in the fourth week of January reached the largest drop, of 43%. On the other hand, Italy's IPEX market recorded the smallest decrease, of 2.8%. In the rest of the markets analyzed in AleaSoft Energy Forecasting, prices fell between 19% of the EPEX SPOT market of the Netherlands and 27% of the EPEX SPOT market of Germany, Belgium and France.
In the fourth week of January, the weekly averages were less than €75/MWh in almost all the European electricity markets analyzed. The exception was the Italian market, which registered the highest average, €93.43/MWh. On the other hand, the Nordic market reached the lowest weekly price, €44.72/MWh. In the rest of the markets analyzed, prices were between €60.50/MWh in the French market and €71.19/MWh in the Portuguese market.
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