#AskElda - March 2024
Eurelectric
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Check out the key developments from March 2024 below:
Electricity generation
In March, electricity generation remained stable, but slightly declined from February due to similar demand. While renewable electricity saw a slight increase, fossil power slightly decreased. However, both their shares rose slightly due to a 1.8% decrease in nuclear electricity generation and an overall production decline. Notably, average wind power production dropped to 57 GW from February's record of 77 GW due to lower wind, resulting in a 5.2% decrease in aggregate production. However, a 6% rise in hydropower and an 8% increase in solar power compensated for the reduction in wind, leading to a marginal rise in the overall renewable share compared to the prior month.
The trend of having more than 95% of days powered by renewable energy is increased in the EU, with Portugal having 14 such days and Austria 9, in March.
Electricity demand
The continuation of mild winter conditions throughout March led to a 3.7% year-on-year decrease in demand in March 2024. Regarding industrial production, the most recent data available up to January showed a decline compared to the previous year, suggesting it as another contributing factor to the overall decrease in March. On a month-on-month basis, demand in March slightly declined compared to February. With the onset of spring, a decrease in electricity demand for April compared to March is anticipated.
CO2 intensity and prices
A modest rise in renewable electricity, coupled with a slight decrease in fossil-based power, resulted in a marginal drop in the CO2 intensity of power generation in the EU in March compared to the previous month. However, this trend varies among member states. For example, Belgium and Hungary saw a notable increase, whereas Latvia and Italy experienced a significant decrease in emissions intensity.
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In March, CO2 prices reached their highest level in the past two months, corresponding with the increase in prices of fossil fuel commodities.
Day-ahead electricity prices
In March, average spot power prices experienced a slight drop, influenced by a minor decline in demand and increased production of renewable power production. Interestingly, the average prices in Portugal and Spain were only around 20 Eur/MWh, a level last seen in the COVID-19 year of 2020. This can be attributed to a very high share of renewables in both countries.
Gas prices surged globally in March, driven by increases in oil and coal prices. This escalation was fuelled by OPEC's production cut and drone attacks on Russian refineries.
Cross-border flows
In March, the EU maintained its status as a net exporter, a trend observed since November 2023. A significant change in cross-border flow patterns occurred in Germany, shifting from a net export of approximately 0.2 TWh in February to a net import of 1.7 TWh in March. Portugal, driven by record-high renewable energy shares and prices, transitioned to a net exporter position in March, diverging from its typical status as a net importer.
Have you missed this?
Check all the data here or contact Mohammed Abi Afthab Olikathodi ([email protected])