Wind and solar energy again exerted strong pressure on the electricity price this week, so that the electricity price remained fairly stable on average. Still, the price rose slightly compared to the week before. Due to relatively large differences in weather conditions, the hourly price of electricity sometimes varied considerably. In addition, the lower temperatures resulted in upward price pressure on the electricity market and the lower trading prices of energy result in lower contract prices for the user.
The electricity price over the past seven days was slightly higher than the week before. On Tuesday, February 21, electricity traded for €137,84 per megawatt hour. On February 22, the price on the Epex rose to the highest point of the week, at €144,80. Until Friday, February 25, the price dropped to €106,78. The electricity price rose again over the weekend. On Monday February 27, the steam price rose to €140,61.
Over the week, the syrup price remains fairly stable. The relatively high productivity of renewable sources helped in this regard. Solar and wind energy had a share of 29,2% in the Dutch energy mix this week. The utilization rate of coal-fired power stations in particular fell from 77% to 64%, but gas consumption also fell slightly. The share of gas in our energy mix fell from 41,5% to 40,5%. In addition, the gas price also helped reduce the electricity price somewhat. Between Wednesday 22 and Friday 24 February, the gas price briefly rose above €50 again, but then the gas price fell again to €48,30. The gas price has not been this low since September 2021.
The fact that the price was slightly higher was mainly due to less stable wind conditions. As a result, the sun and wind strength varied considerably this week. Due to the less stable weather conditions, the hourly price varied from €60 to €160. In addition, colder weather led to higher electricity prices. In many European countries, electricity demand increases in colder weather because electrical heating is used. This explains the rising energy price over the weekend, when the mercury suddenly dropped sharply.
Consumer prices are falling sharply
Lower energy prices are slowly but surely leaving their mark on the energy prices of end users. After Budgetenergie, Vattenfall and Essent, Eneco also announces that they are reducing their rates for a variable contract. From April 1, customers with a variable contract will pay approximately 50% less for gas and electricity. The company is the first major player to supply energy at rates below the government price ceiling.
The new rates of Vattenfall and Essent were also approximately 50% lower, but are still just above the price ceiling. Although Budgetenergie previously presented a rate below the ceiling, this supplier's contract is less representative of the market. Budget Energy purchases energy more often than the major players and adjusts their contract prices earlier.