According to AleaSoft Energy Forecasting, all European markets see a major rise in electricity prices in the second week of July. The significant reason behind this is decreased wind energy production and a surge in electricity demand.
The causes of the price rise were unstable solar power generation, changes in gas prices, and high CO2 emissions. At the same time, the first half of this year sees a decreased price as compared to last year’s second half. The cost of electricity is also a major part of the discussion of the Spanish Union of Steel Companies. This association has been paying attention to the price surge for a very long time.
Now if we are talking about the prices across European countries Italy has the slightest impact with a 7% increase while France has a massive 95% increase. Some other European countries like Belgium, the UK, the Netherlands, Germany, Nordic countries, Portugal, and Spain have also seen hiked prices in electricity.
However, despite all the hikes, there is an average weekly price below €70. Italy had the highest average €112.83/MWh on the other hand the Nordic market registered the lowest average at €27.79/MWh.
AleaSoft predicts the price will down slightly in the third week of July across most of the European markets due to a decrease in demand.
Last week some major European countries increased their solar production. France has increased by 16%, Italy by 12%, 5.7% in Spain, and 1.7% by Portugal.
Spain has placed itself as the renewable energy leader in Europe having the advantage of strong winds and sunshine throughout the year. Portugal and Spain break their records for daily photovoltaic output on July 12 with 208 and 23 GWH respectively.
Meanwhile, the WindEurope organization reported that more than 500 GW of potential wind power capacity applications in France, Spain, Germany, and Italy are waiting for its approval.
These developments highlight the significant role of renewable energy sources in the European region.
Sources: https://www.pv-magazine.com/2024/07/17/portugal-spain-set-records-for-daily-solar-energy-production/
