Wholesale electricity prices in October 2023: -43.1 per cent compared to the same month last year

Wholesale electricity prices in October significantly below the previous year's level
© flashpics / Adobe StockMünster (renewablepress) - Wholesale electricity prices in Germany were 43.1 per cent lower in October 2023 than in October 2022 despite the nuclear phase-out in April 2023, according to an analysis of data from the EPEX Spot Power Exchange by the Internationales Wirtschaftsforum Regenerative Energien (IWR).

The monthly price for wholesale electricity for the German market area reached an average of 8.7 ct/kWh in October 2023 (Oct. 2022: 15.3 ct/kWh). Even in a two-year comparison (Oct. 2021: 14.0 ct/kWh), this is a significant drop of 37.9 per cent, although six nuclear power plants were still in operation in Germany at this time in 2021.

"The reasons for the drastic drop in wholesale electricity prices are the significantly lower gas prices, the gradual return of French nuclear power plants to the electricity market in 2022 and the rapid expansion of renewable energies in the current year," said IWR head Dr Norbert Allnoch in Münster.

However, the lower gas prices in 2023 will once again ensure increased use of gas-fired power plants in Germany, while coal-fired power generation has slumped sharply in the first 10 months of 2023 despite the nuclear phase-out: According to data from the transmission system operators (ENTSO-E), the use of lignite to generate electricity fell by 20 per cent, while hard coal-fired power plants produced almost 32 per cent less coal-fired electricity than in the same period of the previous year.

The rapid expansion of renewable energies in Germany has also had a dampening effect on prices in 2023. From January to October alone, new wind and solar power plants with a record total capacity of almost 14,900 MW went into operation in Germany. Around 3,200 MW of this power plant capacity is attributable to wind energy and 11,700 MW to photovoltaics.


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Caption: Wholesale electricity prices in October significantly below the previous year's level
© flashpics / Adobe Stock

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Caption: Wholesale electricity prices in Germany from June 2021 to October 2023
© IWR


Münster, 21 November 2023


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