#AskElda - February 2024
Eurelectric
Voice of European electricity. Leading the energy transition through electrification #WePowerEU #Grids4Speed
Welcome to #AskElda Monthly, Eurelectric 's newsletter highlighting trends in EU electricity, powered by Elda , our new data tool.
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Check out the key developments from February 2024 below:
Electricity generation
In February, due to warmer weather and stronger wind, renewables surged compared to the previous month. Wind power remained robust, averaging 77 GW, akin to January. Despite lower gas prices, gas-based power dropped to 29 TWh from last month's 48 TWh aggregate, attributed to reduced demand and stronger wind. Nuclear power retained its leading position with a 26% share. Solar PV generation rose with spring's approach and sunny days.
Portugal's accomplishment of over 95% renewables for the final week of February stood out. Overall, Portugal witnessed 9 days of 95% or more renewable energy in February, driven by significant contributions from wind and hydropower.
Electricity demand
As February progressed, transitioning towards the end of winter, warmer weather conditions led to a noticeable decrease in electricity demand compared to the previous month. Across all Member States, this decline in demand was evident. Notably, February 2024 saw a 7.5% reduction in demand compared to the same period in 2023, attributed to the relatively warmer weather experienced in 2024. France emerged as the country with the highest electricity demand, accounting for 21% of the EU's total.
CO2 intensity and prices
Thanks to a substantial increase in renewable energy share and a decrease in gas and coal generation, the power sector's CO2 intensity in the EU decreased in February compared to the previous month. Notably, a significant year-on-year reduction of 42 g/kWh was observed, aligning with the trend seen in recent months and highlighting the ongoing decarbonisation of the EU power sector.
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CO2 prices, stayed low in February due to falling gas prices, even reaching their lowest point in last two years. However, it rose again at month-end anticipating colder weather and weaker renewables in early March.
Day-ahead electricity prices
In February, power prices dropped due to reduced demand, low gas and CO2 prices and strong wind. With the advent of sunny days, there are minimal concerns regarding price surges. Spain and Portugal hit a €40/MWh monthly average, reminiscent of early 2021, thanks to renewables.
Gas prices reached a two-year low on 23 February, driven by ample storage and balanced supply. However, they began rising late in the month, anticipating lower renewable output in March. Despite expectations, renewables held a significant share early in March, defying expectations.
Cross-border flows
In February, the EU sustained its net exporter status. Norway, previously a net importer for two months, resumed its role as a net exporter to the EU as prices fell in the Norway_1 and Norway_2 bidding zones. Likewise, Germany, having been a net exporter to Denmark for the past three months, returned to its traditional position as a net importer from Denmark in February.
Have you missed this?
Check all the data here or contact Mohammed Abi Afthab Olikathodi (aolikathodi@eurelectric.org )