The daily price of the Spanish wholesale market (POOL) as of November 17 stands at €104.03/MWh. This is 51.78% higher than last month (€68.54/MWh) and 64% higher than a year ago (€63.45/MWh). According to analysts from Grupo ASE, this price increase is due to the reduction in wind and nuclear generation coinciding with a rise in gas prices, which makes combined cycle production more expensive. Therefore, in recent days, electricity prices have been above €120/MWh. Energy prices have risen across Europe. Daily electricity markets peaked on Wednesday, November 6, at 5:00 PM. At that time, Germany recorded €820/MWh and the Netherlands €550/MWh. These are levels not seen since the energy crisis. As of the 17th, the average electricity price is €124.70/MWh in Germany and €106.56/MWh in France, both above Spain (€104.03/MWh).
Gas Combined Cycles increase their production by 43.5% and dominate price setting: Wind generation in the first part of November has been 60% lower than its average over the last five years. This has been compounded by the scheduled shutdown of two nuclear plants (Ascó I and Ascó II). Additionally, solar contribution decreases at this time of year. In exchange, the generation from gas combined cycles (CCG) has increased by 43.5%. So far this month, CCG generation has averaged 123 GWh per day, its highest level since September of last year (141 GWh/day). They occupy the third position in the mix in November, contributing 18.5%, just behind nuclear (18.8%) and wind, which, despite its decline, remains first with 19.7%.
Decline in wind and nuclear energy generation drives electricity prices in Spain above €100/MWh, 50% higher than last month
