The first reported week of February 2022 recorded week-on-week day-ahead power price losses in the SEM.
Source: SEMO/Cornwall Insight Ireland
Despite recent week-on-week price losses, day-ahead power prices remain significantly higher than the prices observed in the opening week of February last year, currently out turning 171.0% higher.
Day-ahead power prices experienced losses amid strong wind generation throughout most of last week. Intensified by Storm Malik over the weekend, with Ireland observing more than 85.0% of generation stemming largely from wind assets during periods on 5 February. Additional bearish movements came from falling NBP gas prices, coupled with a slight reduction in power demand during the week.
In support of increased renewable output last week, total wind generation for the week reached 494.8GWh, up 69.9% on the previous week’s total (between 24-30 Jan). Periods of stronger wind generation generally bookended the week, with the highest output observed on 5 February, totalling 93.3GWh. The significant increase in wind output last week was broadly in line with forecasted expectations, with actual output 3.3% below projected output.