During the third week of January, electricity prices in most major European markets showed an upward trend, although in many cases they remained below the levels seen in the first days of the previous week. As a result, weekly average prices in most markets fell compared to the prior week, with a few exceptions. The EPEX SPOT market of France, the IPEX market of Italy, and the MIBEL market of Spain and Portugal recorded increases of 2.1%, 14%, 40%, and 41%, respectively. In contrast, the Nord Pool market of the Nordic countries experienced the largest drop, 11%, while other markets saw declines ranging from 1.5% in Belgium to 4.6% in the Netherlands, according to AleaSoft Energy Forecasting.
In the week of January 12, weekly average prices exceeded €100/MWh in most European markets, with the Nordic market as the exception at €91.43/MWh. The Italian market recorded the highest weekly average, €136.13/MWh, while other markets ranged from €103.23/MWh in France to €110.43/MWh in Portugal.
Regarding daily prices, the Nordic market reached the lowest daily average of the week, €80.16/MWh, on Friday, January 16. The N2EX market of the UK and the Spanish, French, Dutch, and Portuguese markets also saw at least one daily price below €90/MWh during the week.
Conversely, all analyzed markets experienced daily prices above €100/MWh in at least one session. In Germany, daily prices remained above €100/MWh for the entire week, while in Italy they exceeded €125/MWh, peaking at €144.98/MWh on Thursday, January 15, the highest daily average among the analyzed markets. In the Iberian market, the price reached €127.24/MWh on January 17, marking its highest daily price since February 18, 2025.
During the week of January 12, higher solar energy production in Germany and lower electricity demand in Belgium, the UK, and the Netherlands contributed to price declines in those markets. On the other hand, rising gas and CO₂ emission allowance prices, combined with lower wind production, pushed prices higher in Spain, France, Italy, and Portugal. Additionally, increased demand in Spain, Italy, and Portugal and lower solar production in Spain, France, and Portugal further supported price increases.
Looking ahead, AleaSoft Energy Forecasting projects that during the fourth week of January, prices will rise in most major European markets, driven by higher demand, lower wind production in Germany and France, and lower solar output in Italy. However, higher solar production in Spain and increased wind production on the Iberian Peninsula are expected to support price declines in the MIBEL market, AleaSoft reports.