In 2024 European electricity markets reached their lowest prices since 2021 thanks to renewable energy and falling gas prices

In 2024, the main European electricity markets reached the lowest yearly prices since 2021, in most cases below €80/MWh. Gas prices were also the lowest since 2021, which contributed to the declines in electricity market prices, along with lower CO2 prices. Solar photovoltaic energy reached historical production records in all markets and wind energy in Portugal. At the same time, electricity demand recovered in most markets.

Yearly prices in the main European electricity markets were the lowest since 2021, with most of them below €80/MWh.

Source: Prepared by AleaSoft Energy Forecasting using data from OMIE, EPEX SPOT, Nord Pool and GME.

Solar photovoltaic energy production in 2024 was the highest ever in all major European electricity markets.

In Portugal, wind energy production in 2024 was the highest ever.

Electricity demand was higher than in 2023 in almost all major European electricity markets.

The yearly average price of TTF gas futures in the ICE market for the Front?Month was the lowest since 2021.

The yearly average price of CO2 emission allowance futures in the EEX market for the reference contract of December decreased compared to the previous year.

The average of settlement prices of Brent oil futures for the Front?Month in the ICE market also declined.

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