Image: AleaSoft Energy Forecasting

Most major European markets recorded lower average electricity prices in the fourth week of July, according to AleaSoft Energy Forecasting.

AleaSoft identified weekly average price decreases in the British, Belgian, French, Italian, Portuguese and Spanish markets, compared to the prior week. Prices rose in the Dutch, German and Nordic markets by 0.9%, 1.2% and 20% respectively.

Electricity price averages were above €50 ($57.21)/MWh in all analyzed markets last week except the Nordic market, where it stood at €39.59/MWh. The highest average of the week continued to be in Italy, which reached €109.81/MWh.

The Iberian market of Spain and Portugal was the only analyzed market to register negative hourly prices last week with the lowest price of the week, -€0.60/MWh, recorded on July 27.

AleaSoft said the general downturn in weekly electricity prices was caused by a decline in electricity demand across most markets, alongside increased wind energy production. 

In France, Italy, Portugal and Spain, a drop in the weekly average electricity price was noted despite solar energy production also falling week on week. The same downward trend was also recorded in Germany.

For the week commencing July 28, AleaSoft predicts that electricity prices will continue to fall in most markets, influenced by a further drop in electricity demand. Solar energy production is also expected to increase in Germany and Spain but continue to fall in Italy.