In its reports on the gas and electricity markets for the third quarter of 2024, the European Commission said, on 20 December, that the markets had proved to be “robust” in terms of ensuring security of supply.
Looking at the markets from July to September 2024, the reports concluded that, compared with the same quarter in 2023, gas consumption had remained similar and electricity consumption had risen very slightly.
Gas markets. Wholesale gas prices rose in the first part of the quarter, before resuming their downward trend in September, with an average of €36/MWh, an increase of 7% compared with the same period last year.
Retail prices, meanwhile, were down 3% on the previous year, with an average price of €103/MWh.
Nevertheless, the report points out that retail prices began to rise for the first time in May 2024, when they reached their lowest point (€100/MWh), and continued to rise in the third quarter of 2024, “putting an end to the downward trend established since December 2022”.
Gas imports fell by 6% year-on-year and by 8% compared with the second quarter.
To see the report: https://aeur.eu/f/exp
Electricity markets. Wholesale and retail prices remained lower than for the same period in 2023. Compared with the previous year, the European Power Benchmark was down 8% in the third quarter of 2024 (€78/MWh), but up compared to the previous quarter (€60/MWh) (see EUROPE 13512/6).
Retail prices, meanwhile, were down 6% compared to the previous year (€241/MWh).
Furthermore, the report indicates that the number of hours with negative wholesale prices in Q3 2024 (3655) across all bidding zones was 26% higher than in the same quarter in 2023.
Secondly, solar generation reached a record level in the third quarter (87 TWh), with an increase of 23% (+16 TWh). Offshore wind generation rose by 21% (+2 TWh).
Fossil fuel production hit a historical low (165 TWh), with annual output falling by 11% in the third quarter of 2024.
To see the report: https://aeur.eu/f/exq (Original version in French by Pauline Denys)