Press Release
Herausgeber: Internationales Wirtschaftsforum Regenerative Energien (IWR)
Wholesale electricity prices fall in December to their lowest level since May 2021
Wholesale electricity prices fall to lowest level since May 2021 in 2023
© jopix.de / Adobe StockMünster (renewablepress) - Wholesale electricity prices in Germany fell sharply at the end of 2023. In December 2023, the wholesale price on the spot market fell to an average of 6.9 cents/kWh of electricity, a decrease of 24 per cent compared to the previous month of November (9.1 cents/kWh). Compared to December 2022 (25.2 cents/kWh), the decline is almost 73 per cent. This is the result of an analysis of market data from the EPEX Spot Power Exchange by the Internationales Wirtschaftsforum Regenerative Energien (IWR).
At the end of last year 2023, wholesale electricity prices in Germany not only reached their lowest monthly level of the year in December, electricity prices also reached their lowest level since May 2021. The main reasons for the temporarily high increases in wholesale electricity prices were the massive outage of French nuclear power plants from the end of 2021 and the excessive price increases for gas following the Russian invasion of Ukraine (February 2022).
"Contrary to many fears, producer electricity prices on the exchange did not rise despite the nuclear phase-out in Germany, but fell significantly over the course of 2023," said IWR head Dr Norbert Allnoch in Münster.
Despite the decommissioning of German nuclear power plants, the low gas prices following the switch to a larger number of supply sources and countries, the repair and recommissioning of failed French nuclear power plants and the strong expansion of renewable energies in Germany have contributed to the easing of the electricity markets.
According to the data available to date from the Federal Network Agency (Market Master Data Register, as at 5 January 2024), around 18,000 MW of new wind (3,800 MW on- and offshore) and solar capacity (14,200 MW) was commissioned in 2023. This means that the annual electricity generation of two nuclear power plants could be offset in purely mathematical terms within a single year (2023).
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Caption: Wholesale electricity prices fall to lowest level since May 2021 in 2023
© jopix.de / Adobe Stock
https://www.iwrpressedienst.de/bild/iwr/d80fe_Deutschland_Strompreise_Grosshandel_2021_2023.png
Caption: Germany - Wholesale electricity prices from May 2021 to December 2023
© IWR
Münster, 11 January 2024
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Daten werden geladen...Daten werden geladen...About Internationales Wirtschaftsforum Regenerative Energien (IWR)
In 1996, the International Economic Platform for Renewable Energies (IWR) was established as an independent and private service institution of the renewable energy industry. The IWR focuses on the fields of research, economic and policy consultation as well as media and international networks in the renewable or regenerative energies sector. One main objective of the IWR is to play an instrumental role in introducing and spreading awareness for an industrial, international business profile of the renewable energy industry.
Dr. Norbert Allnoch, Director of the International Economic Platform of Renewable Energies (IWR), 1995, on the definition: "According to our definition, the Renewable Energy Industry is one which takes an interdisciplinary approach to the issue of renewable energy supply (protecting both the climate and resources) and the construction of renewable plants and systems (industry policy for the three areas electricity, heat and fuel."Chronology of the Renewable Energy Industry - Important IWR contributions, including prizes and awards - 2007 Publication of the first structural analysis for a federal state according to the IWR-analysis method for renewable systems engineering and services�(study "Zur Lage der regenerativen Energiewirtschaft in NRW" )2007 International network-contacts:IWR-director Dr. Allnoch speaks with King Harald V. of Norway and �slaug Haga, norwegian minister of energy Presentation of the network / RENIXX in the USA, dialogue with McGinty, environment minister of Pennsylvania2006 IWR starts renewable stock index RENIXX� (