The weekly average electricity price increased across most major European markets last week as TTF gas futures prices reached their highest level since January 2023, according to analysis by AleaSoft Energy Forecasting.
The Spanish consultancy recorded an increase in the weekly average electricity price across the British, Belgian, Dutch, French, German and Nordic markets last week, while the average price fell in the Italian, Spanish and Portuguese markets.
Weekly averages stood above €110 ($128.35)/MWh across all analyzed markets. The Italian market had the highest weekly average, of €168.31/MWh, followed by the British market, at €163.97/MWh. The Nordic market had the lowest average of the week, at €111.76/MWh.
AleaSoft attributes the upward trend in electricity prices last week to TTF gas futures prices reaching a weekly maximum settlement of €65.86/MWh, for the highest price recorded since Jan. 23, 2023.
The consultancy says European gas reserves exceeded 60% of their capacity in mid‑August, but remained below the average for that time of year over the last five years.
“This level of reserves, together with the uncertainty over liquefied natural gas supply because of the tensions in the Strait of Hormuz, favored the upward trend of TTF gas futures during the week,” AleaSoft explained.
Solar energy production fell across France, Germany, Portugal and Spain last week but this was offset in Portugal and Spain due to an increase in wind energy production, AleaSoft adds.
The consultancy is expecting this week to bring a downturn in the weekly average electricity price across most markets, with solar energy production expected to rebound against the previous week in Germany and Italy.
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