Several of the major European electricity markets broke their records for solar generation on a day in May last week, according to the latest analysis from AleaSoft Energy Forecasting.
According to pv-magazine, the Spanish consultancy says the Italian and Portuguese markets registered their highest solar energy production for a day in May on May 20, reaching 160 GWh and 28 GWh respectively.
The French market beat its own record two days later, when it reached 168 GWh. On May 25, the German market reached its highest solar production for a day in May, hitting 480 GWh, which represented the country’s second highest daily solar production figure ever.
Despite these records, AleaSoft found the weekly average electricity price increased in the French and German markets, as well as in the Belgian, British, Dutch and Italian markets. Meanwhile, the weekly average electricity price declined in the Nordic, Portuguese and Spanish markets when compared to the week prior.
Weekly averages exceeded €75 ($87.23)/MWh across all analyzed markets bar the Spanish, Portuguese and French markets, where averages stood at €48.48/MWh, €48.53/MWh and €48.94/MWh.
The Italian and British markets continued to have the highest averages, at €116.31/MWh and €123.33/MWh.
AleaSoft says higher electricity demand in some markets, as well as lower wind energy production, pushed electricity market prices upwards.
Higher weekly gas prices also contributed to the upward trend. TTF gas futures in the ICE market reached their weekly maximum settlement price, €51.82/MWh, on May 19, which AleaSoft said marks the highest price since April 8.
Gas prices moved downward later in the week. AleaSoft says developments in negotiations between the United States and Iran and lower concern over disruptions to liquefied natural gas supply helped to reduce prices during the second half of the week. However, the weekly minimum settlement price, of €48.68/MWh, remained 3% higher than the week prior.
AleaSoft is expecting electricity prices to rise in the French, Italian, Portuguese and Spanish markets during this week, influenced by higher demand in most markets, while an increase in solar and wind energy production in Germany is expected to bring a drop in prices.
“However, gas price trends will also shape the evolution of European electricity market prices,” AleaSoft’s analysis adds.
