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During the week of April 28, prices in the major European electricity markets experienced a notable decrease compared to the previous week. This change is mainly due to a significant increase in photovoltaic energy generation, which reached record levels in countries like France and Italy. Germany reported its highest production for a day in April, contributing to a greater supply of electricity across the continent. Wind generation also increased, while electricity demand saw a widespread decline.
TTF gas futures closed at their lowest level since July 2024, while Brent oil prices hit lows not seen since March 2021. Solar generation in Germany and France increased by 30% and 22%, respectively, although in Italy the increase was more modest at 6.5%. In contrast, Spain and Portugal experienced drastic drops in solar production, with declines of 40% and 31%, due to a blackout that affected these markets.
Despite setbacks in solar production, the wind sector reported increases. Production in Spain and Portugal rose by 12% and 47%, respectively, even after the blackout on April 28. Germany, Italy, and France also saw increases in their wind generation, up by 18%, 17%, and 10%.
Total electricity demand in the region decreased, with Spain reporting the largest drop at 13%. France and Portugal experienced declines of 11% and 8.6%, partly due to higher temperatures and the May 1 holiday, which limited work activity.
The average prices in European electricity markets also reflected this downward trend, with notable drops of 59% in the Nord Pool market and in MIBEL, the Spanish market. Weekly prices remained below €65/MWh, particularly low in Spain and Portugal, with figures of €15.36/MWh and €16.50/MWh, respectively.
Brent oil closed with a downward trend, reaching a weekly low of $61.29/bbl, while TTF gas futures stabilized below €33/MWh. This behavior is attributed to stable supply, elevated temperatures, and projections about OPEC+ production.
According to forecasts from AleaSoft Energy Forecasting, a potential increase in prices is anticipated during the second week of May, driven by a rise in demand.
Referrer: MiMub in Spanish