France, Germany, Italy, Spain and Portugal set new records for solar generation during a day in August over the weekend, according to the latest analysis from AleaSoft Energy Forecasting.
The Spanish consultancy found Spain recorded 259 GWh, France reached 172 GWh, Italy registered 161 GWh and Portugal hit 28 GWh all on August 1. A day later, Germany set its own record for solar produced in August, generating 450 GWh.
Despite these records, the weekly average electricity price increased across each of these markets last week, as well as in the Belgian, British and Dutch markets. The only market analyzed by AleaSoft which saw a decrease in its weekly average electricity price last week was the Nordic market.
Weekly averages exceeded €100 ($115.10)/MWh in all analyzed markets except the Nordic market, where the average stood at €47.25/MWh. Italy had the highest average of the week, at €177.16/MWh, followed by the British market, at €145.07/MWh.
Daily average prices remained above €165/MWh in the Italian market throughout last week, climbing to €197.71/MWh yesterday (August 3), for the markets highest price since Jan. 23, 2023.
AleaSoft says higher electricity demand and lower wind energy production drove price increases across most European electricity markets last week. This week, it is expecting prices to increase further, with lower solar and wind energy production forecasted.
TTF gas futures in the ICE market also continued to impact European electricity prices, although last week’s maximum settlement price, of €60.49/MWh, was down on the week prior.
AleaSoft’s latest analysis adds that European gas inventories ended the last week of July at approximately 55% of storage capacity.
“This level stood well below the five-year average and left the region in its weakest position ahead of the coming winter since 2011,” the consultancy explained.
“Low inventory levels, heat waves and competition with Asia for liquefied natural gas limited the potential decline in TTF gas futures prices during the week. However, easing hostilities between the United States and Iran kept prices below €60/MWh during most sessions.”
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