France, Germany, Italy, Portugal and Spain all set new records for solar produced during a day in September last week, according to analysis by AleaSoft Energy Forecasting.
The Spanish consultancy registered a record 31 GWh in Portugal on September 2, while Spain reached a new September record a day later, reaching 267 GWh.
France and Italy both broke their September solar records on September 4, generating 155 GWh and 143 GWh respectively. Germany ended the week with a record 389 GWh on September 6.
Despite these records, the weekly average electricity price remained high across Europe last week.
AleaSoft recorded a weekly average electricity price above €100 ($116.14)/MWh across the British, Belgian, Dutch, French, German, Italian, Portuguese and Spanish markets last week. The exception was the Nordic market, where the weekly average reached €86.05/MWh. The highest average of the week was in Italy, at €202.89/MWh.
On September 2, the Italian market reached a daily price of €212.71/MWh, its highest since Jan. 1, 2023, before rising further to €218.93/MWh on September 7.
On September 4, the Portuguese and Spanish markets registered their highest prices of the week, at €170.36/MWh and €169.50/MWh, respectively. In both cases, these levels marked their highest prices since Dec. 6, 2022. The Iberian market then reached a higher daily price, of €172.07/MWh, on September 7.
AleaSoft’s analysis says unusually hot weather in Spain boosted electricity demand during the week, while a significant drop in wind energy production in Spain and Portugal also elevated prices.
Gas prices also had an upward influence on Europe’s electricity prices last week. AleaSoft’s analysis finds TTF gas futures in the ICE market reached their weekly high of €73.63/MWh on September 2, which the consultancy says is the highest level since Jan 10, 2023.
On September 4, the settlement price stood at €71.95/MWh, 7.4% higher than the previous Friday.
AleaSoft explains that rising tensions in the Strait of Hormuz reduced liquefied natural gas flows from Qatar and the United Arab Emirates to Europe. “Together with stronger European demand, this reduction pushed TTF gas futures prices higher during the first week of September,” the consultancy added.
