BAKU, Azerbaijan, September 12. Gas and power prices in the EU continue to decrease, leading to expectations that wind power in northwest Europe will significantly increase, Fabian Rønningen, Senior Analyst at Rystad Energy, independent energy research and business intelligence company from Norway, said, Trend reports via the company.
According to the research, the fall is weak due to uncertainty on how the potential EU market intervention will impact the market.
“The largest fall can be found in the UK, with a large decline of 43 percent last week compared to two weeks earlier, with an average of 343 euros per MWh. This large fall has been caused by lower gas prices in addition to stronger wind supply in the UK and on the continent,” the analyst said.
Meanwhile, Italy, remaining the most expensive market, observed a significant decline as well: a weekly average price of 469 euros, which is 28 percent less than two weeks earlier. France (432 euros per MWh) and Germany (402 euros per MWh) both also saw large declines last week.
“Strong wind and continued decline in gas prices could therefore result in falling prices for the third week in a row,” the Rystad Energy analyst said.
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