During the second week of 2026, electricity prices rose in most major European markets, particularly during the first four days of the week. As a result, weekly average prices increased across almost all markets, with the notable exception of the Iberian MIBEL market of Spain and Portugal, which recorded a decline of 11%. The Nordic Nord Pool market posted the largest weekly increase, surging by 63%, while the rest of the markets tracked by AleaSoft Energy Forecasting saw price rises ranging from 11% in Italy’s IPEX market to 52% in Germany’s EPEX SPOT market.
In the week of January 5, weekly average prices exceeded €100/MWh in most European markets. Spain and Portugal were the only exceptions, with averages of €78.47/MWh and €78.56/MWh, respectively. Italy recorded the highest weekly average price, at €119.39/MWh, while the remaining markets ranged between €101.14/MWh in France and €112.48/MWh in Germany.
The MIBEL market also posted the lowest daily prices in Europe for most of the week. On Friday, January 9, Spain registered the lowest daily average of the week, at €53.40/MWh, followed closely by Portugal at €53.43/MWh. In contrast, daily prices in all other markets remained above €70/MWh. At the same time, every market recorded at least one session above €100/MWh, and Italy stood out for maintaining daily prices above €105/MWh throughout the entire week.
Germany reached the highest daily average price of the week, peaking at €154.12/MWh on Thursday, January 8. On the same day, Belgium, Great Britain, Italy and the Netherlands also posted their weekly highs, all above €125/MWh. The British N2EX market reached €139.74/MWh, its highest level since February 18, 2025. Meanwhile, France and the Nordic markets registered their weekly peaks on Monday, January 5, with France reaching €128.21/MWh, its highest price since February 19, 2025.
Price increases were driven by a combination of higher CO₂ emissions allowance prices and stronger electricity demand. In addition, lower wind generation in Germany and declining solar output in Germany, France and Italy tightened supply and pushed prices higher. By contrast, the growth in wind and solar production in the Iberian Peninsula helped to keep prices lower in Spain and Portugal.
According to AleaSoft Energy Forecasting, prices are expected to decline in most European markets during the third week of January, supported by rising wind production in Germany and weaker demand in some regions. However, falling solar output in Spain and Italy, together with lower wind generation in the Iberian Peninsula and Italy, is likely to exert upward pressure on prices in the Spanish, Italian and Portuguese markets, AleaSoft reports.