Extremely low wholesale electricity prices are being registered at the energy exchange as a result of lower demand and an incentive for producers to place their units on the Day Ahead Schedule because of an oversupply of low-cost LNG they have needed to use by specific dates.
On May 1, the System Marginal Price, or wholesale electricity price, fell to 14.2 euros per MWh while overall demand was limited to 91.5 GWh.
On the same day, RES units and hydropower facilities covered 43 percent of demand, electricity imports covered 27 percent, and gas-fired units 25.8 percent.
SMP levels were also low in the lead-up to May 1. On April 23, the SMP was 29.5 euros per MWh with demand at 103.5 GWh. On April 25, the SMP slid to 26.5 euros per MWh and demand dropped to 101.5 GWh. On April 30, the SMP rose to 32.1 euros per MWh and demand reached 104.8 GWh.
Yesterday, the SMP was at 31.7 euros per MWh and demand registered at 109 GWh.
The SMP level for today has been forecast to drop to 29.3 euros per MWh with demand unchanged at 109 GWh.