European electricity markets experienced rising prices in the first week of February, driven largely by increased gas demand and lower wind energy production, according to AleaSoft Energy Forecasting.
The consultancy reported price hikes across most markets, including Belgium, Britain, France, Germany, Italy, the Netherlands, Portugal, and Spain. Only the Nordic market remained below an average of €120/MWh, while Italy recorded the highest price at €153.81/MWh.
AleaSoft attributed the rising prices to higher TTF gas futures, which peaked at €55.72/MWh on February 7 – the highest level since February 2023. Colder temperatures and reduced wind generation increased gas demand and pushed electricity prices higher.
Despite the price increases, solar energy production reached record levels in several markets. In early February, France, Portugal, and Spain all set new daily records for photovoltaic (PV) output. France generated 68 GWh on February 3, Portugal reached 17 GWh on February 5, and Spain recorded 129 GWh on February 6.
Looking ahead, AleaSoft expects prices to fall in most major markets in the second week of February, supported by increased solar and wind production. Solar generation is predicted to rise in Germany but decline in Italy and Spain.
