Quarterly Report on European Electricity Markets q1 2018

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  Energy    on European Electricity Markets Market Observatory for EnergyDG Energy Volume 11 (issue 1; first quarter of 2018) Quarterly Report    DISCLAIMER: This report prepared by the Market Observatory for Energy of the European Commission aims at enhancing public access to information about prices of electricity in the Members States of the European Union. Our goal is to keep this information timely and accurate. If errors are brought to our attention, we will try to correct them. However the Commission accepts no responsibility or liability whatsoever with regard to the information contained in this publication. Copyright notice: Reproduction is authorised provided the source is acknowledged. © European Commission, Directorate-General for Energy, Market Observatory for Energy, 2018 Commission européenne, B-1049 Bruxelles / Europese Commissie, B-1049 Brussel –  Belgium E-mail: ENER-MARKET-OBSERVATORY-QUARTERLY-REPORTS@ec.europa.eu  1 QUARTERLY REPORT ON EUROPEAN ELECTRICITY MARKETS CONTENT HIGHLIGHTS OF THE REPORT  .............................................................................................. 2   1   ELECTRICITY MARKET FUNDAMENTALS  ...................................................................... 4   1.1   Demand side factors  ......................................................................................... 4   1.2   Supply side factors  ............................................................................................ 5   2   EUROPEAN WHOLESALE ELECTRICITY MARKETS  ........................................................ 7   2.1   Comparisons of European wholesale electricity market and international peers  ............................................................................................ 7   2.2   Traded volumes and cross border flows  ........................................................ 13   3   REGIONAL WHOLESALE MARKETS  ............................................................................ 16   3.1   Central Western Europe (Austria, Belgium, France, Germany, the Netherlands, Switzerland)  ............................................................................... 16   3.2   British Isles (UK, Ireland)  ................................................................................. 19   3.3   Northern Europe (Denmark, Estonia, Finland, Latvia, Lithuania, Norway, Sweden)  ........................................................................................................... 20   3.4   Apennine Peninsula (Italy)  ............................................................................... 22   3.5   Iberian Peninsula (Spain and Portugal)  ........................................................... 23   3.6   Central Eastern Europe (Czech Republic, Hungary, Poland, Romania, Slovakia, Slovenia)  ........................................................................................... 25   3.7   South Eastern Europe (Bulgaria, Croatia, Greece and Serbia)  ....................... 26   4   RETAIL MARKETS IN THE EU AND OUTSIDE EUROPE  ................................................ 28   4.1   Retail electricity prices in the EU Member States  .......................................... 28   4.2   Retail electricity prices in the EU capital cities  ............................................... 33   4.3   International comparison of retail electricity prices  ....................................... 34   5   GLOSSARY  .................................................................................................................. 35    2 HIGHLIGHTS OF THE REPORT    Wholesale electricity prices at EU level in the first quarter of 2018 were relatively stable and the European Power Benchmark index was 45   € /MWh on average, being about 10% lower than in Q1 2017.    In January 2018 the weather was milder than usual, contributing to low wholesale electricity prices in most of Europe, however, in March there were two cold snaps, resulting in temporary price spikes in many markets.    Economic growth continued in Q1 2018 in the EU and GDP grew by 2.4% in year-on-year comparison in the EU, electricity consumption grew by 3%, in parallel with the economic growth.    Most of nuclear capacities in France that were taken offline in the previous two quarters came back to the grid in Q1 2018, contributing to healthy supply margins on the French wholesale market.    In the Nordic markets, primarily owing to lower-than-usual hydro generation, wholesale electricity prices rose to five-year high in March 2018; at the same time in Spain increasing hydro reserves resulted in a drop in wholesale prices.    In spite of decreasing coal and stable gas prices, profitability of both coal and gas fired generation further deteriorated in Q1 2018 in many EU countries. Fossil fuels were partly replaced by increasing renewable and nuclear generation in the EU electricity mix.    Carbon prices rose significantly in Q1 2018, as market players anticipated that regulatory changes, to enter into force in 2019, might result in decreasing oversupply on the emission allowances market.
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