Sure! Here’s the translation to American English:
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During the second week of October, prices in the major European electricity markets experienced a notable increase, surpassing €75/MWh and reaching daily figures that, in some cases, exceeded €100/MWh. This rise occurs within a context characterized by growing demand, high gas and CO2 prices, along with a decrease in renewable energy production, particularly from wind and solar generation.
In Italy, a historic record was achieved for daily photovoltaic production in October, reaching 115 GWh. Despite this positive development, photovoltaic solar production showed significant variations between different countries: Italy and France experienced increases of 11% and 3.4%, respectively. In contrast, Germany and the Iberian Peninsula recorded sharp declines, with Germany being the most affected, facing a 50% drop. On the other hand, wind production grew in the Iberian Peninsula, where Portugal and Spain raised their production by 16% and 13%. However, in France, Germany, and Italy, the trend was downward.
On October 6, Germany reported an average daily price of €137.96/MWh, the highest of the week. By October 10, Brent crude oil closed at $62.73/bbl, while TTF gas futures fluctuated, reaching a high of €33.25/MWh on October 7 and closing at €32.17/MWh three days later.
Electricity demand also saw an increase, with a notable 6% growth in the British market. However, in Spain, demand decreased by 1% due to a national holiday. Average temperatures varied with slight increases and decreases across different regions.
Forecasts for the third week of October indicate a continuation of this upward trend in prices across most European electricity markets, driven by reduced wind production. While an increase in demand is anticipated in Italy and Great Britain, a decrease is expected in other markets such as Germany, France, and Spain.
Finally, AleaSoft Energy Forecasting organized a new webinar to discuss energy market trends in Europe and financing opportunities for renewable energy and storage projects. This forum also highlighted the importance of forecasting in the sector, underscoring the company’s commitment to analysis and dissemination in the energy field.
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Referrer: MiMub in Spanish
