| France | United Kingdom | Italy | Belgium | |
|---|---|---|---|---|
| Average baseload price for 2021 (€/MWh) | Average baseload price for 2021 (€/MWh)France109.2 |
Average baseload price for 2021 (€/MWh)United Kingdom137.6 |
Average baseload price for 2021 (€/MWh)Italy125.7 |
Average baseload price for 2021 (€/MWh)Belgium104.1 |
| Variation in average baseload prices, 2021/2020 | Variation in average baseload prices, 2021/2020 France+ 239.0% |
Variation in average baseload prices, 2021/2020 United Kingdom+ 247.5% |
Variation in average baseload prices, 2021/2020 Italy+ 223.1% |
Variation in average baseload prices, 2021/2020 Belgium+ 226.6% |
| Average peakload price for 2021 (€/MWh) | Average peakload price for 2021 (€/MWh)France127.4 |
Average peakload price for 2021 (€/MWh)United Kingdom161.7 |
Average peakload price for 2021 (€/MWh)Italy141.5 |
Average peakload price for 2021 (€/MWh)Belgium120.5 |
| Variation in average peakload prices, 2021/2020 | Variation in average peakload prices, 2021/2020 France+ 227.0% |
Variation in average peakload prices, 2021/2020 United Kingdom+ 250.6% |
Variation in average peakload prices, 2021/2020 Italy+ 216.4% |
Variation in average peakload prices, 2021/2020 Belgium+ 218.0 % |
The comments below concern baseload prices.
In France, spot electricity prices rose by €77.0/MWh from 2020.
The significant increase in commodity prices during the second half of 2021 led to a substantial rise in the cost of fossil-fired electricity generation. The upturn in demand, partly driven by the economic recovery, especially in the second and fourth quarters, also contributed to this taut situation. The lower renewable energy output than in 2020 (-3.8% or -1.9TWh) was another factor.
In 2021, demand in France totalled 471TWh, up by 21.6TWh or +4.8% from 2020 due to lower average temperatures in 2021 and the smaller impact of the Covid-19 pandemic. In response to this growing demand, French power generation increased by 21.1TWh, with higher output by the nuclear plants (+25.2TWh), fossil-fired plants (+0.8TWh) and solar plants (+1.3TWh), while wind power and hydropower output were down by 3.2TWh and 3.3TWh respectively.
France’s export balance for 2021 stood at 44.3TWh. Despite a rise in consumption, the high level of power generation kept this balance at the same level as last year. Exports were up by 7.9TWh to 86.5TWh. They were higher across all borders except in the CWE (2) zone, where they retreated by 4.3TWh. Imports stood at 42.2TWh, up by 0.8TWh, with increases across all borders except from Italy (-0.03TWh) and Switzerland (-0.3TWh) where they registered a slight decrease.
In the United Kingdom, average spot electricity prices rose by €98.0/MWh compared to 2020. The rise was observed throughout the whole year, but more pronounced from September to the end of December. It is explained by a recovery in demand, higher generation costs for gas-fired electricity, and a downturn in renewable energy output across all of western Europe.
In Italy, average spot prices were up by €86.8/MWh from 2020. This increase illustrates the recovery in demand, and the importance of gas in the electricity mix in Italy, as gas prices rose significantly during the year while stocks were low at the start of the winter in Europe.
In Belgium, average spot prices increased by €72.2/MWh over 2020, again driven by high prices for gas, coal and CO2, lower renewable energy output, a cold winter and a rise in demand.
(1) France: average previous day EPEXSPOT price for same-day delivery;
Belgium: average previous day Belpex price for same-day delivery;
United Kingdom: average previous day EDF Trading OTC price for same-day delivery;
Italy: average previous day GME price for same-day delivery.
(2) Central Western Europe.
