#AskElda - June 2024
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Check out the key developments from June 2024 below.
Electricity generation
In June 2024, electricity generation decreased slightly compared to May, driven by a reduction in demand. Renewable electricity generation's share dropped by 2% in June, primarily due to an almost 5 TWh decrease in hydropower and onshore wind, along with a surge of 1.5 TWh in natural gas and coal usage.
Year-to-date, renewable power generation increased by 12% and was almost 60% more stable compared to the first half of 2023.
On June 25 at 13:00, Germany set a new record in the solar PV market, achieving over 49 GW of hourly solar generation, the highest output ever recorded in the country. Despite being a leader in renewable electricity generation, Germany also remains the largest producer of fossil fuel electricity. Meanwhile, Latvia saw a significant increase in its solar power share, jumping from 17% in May to a leading 37% in the EU by June.
Electricity demand
EU electricity demand decreased in June, continuing the trend observed since January due to warmer weather. Demand remains comparable to the low levels of 2023 and has not recovered, being 5% lower in the first half of this year compared to the same period in 2022.
However, demand varied greatly among EU countries. Greece saw a significant increase of one-third, while Slovenia experienced a 20% decrease. This month, 22 countries reported decreasing demand, up from 16 countries that reported a decline between April and May.
CO2 intensity and prices
CO2 intensity increased by 7.4%, reaching 154 gCO2eq/kWh in June, largely due to a surge in fossil fuel usage last month. Notably, Slovenia's CO2 intensity rebounded from the record low observed in May, driven by an 11% increase in the share of coal in its energy mix in June 2024. However, it remains below the annual average.
CO2 prices decreased by 4% between May and June. For the first time this year, monthly average CO2 prices are not moving in tandem with monthly average gas prices, which rose by 2% month-on-month. This change also halts the consistent upward trend in CO2 prices observed since February 2024. The decrease in CO2 prices could be attributed to the poor performance of green parties in the European elections.
Day-ahead electricity prices
Since April 2024, day-ahead electricity prices have been rising, with June’s average at 17.4 Eur/MWh higher than April’s level. This trend is in line with gas prices, which also saw a 10.7 % increase between April and June.
A significant event occurred on June 25th when some countries partially decoupled from the single day-ahead market coupling process due to an error from the EPEX spot platform. This led to separate local auctions by EPEX, resulting in significant price disparities: Germany saw prices at 492.04 EUR/MWh, while France's were 2.96 EUR/MW.
The occurrence of negative prices decreased significantly in June to 1300 hours, below the peak levels recorded in April 2024.
Cross-border flows
In June, the EU continued to be a net exporter of electricity, but exports decreased by 70% compared to May 2024. Greece switched to being a net importer this month.
France remains the largest exporter, with 9 TWh, while Germany has become the leading importer, surpassing Italy with 8 TWh.
Electricity exchanges with Norway and the UK saw slight declines of 1% and 5%, respectively, compared to last month.
Have you missed this?
JRC: Heat Pump Market: Country Fiches
International Energy Agency (IEA): World Energy Investments 2024
European Commission: Quarterly electricity market report Q4 2023
Check all the data here or contact Mohammed Abi Afthab Olikathodi ([email protected])