Ljubljana, 20 March 2924
Today, ACER kicks off its 2024 Market Monitoring Report (MMR) series with two reports:
- Key developments in the electricity wholesale markets;
- Key developments in the gas wholesale markets.
These reports present the main results from monitoring the EU electricity and gas markets in 2023, recommend further actions to foster market integration and identify challenges ahead.
What 2023 trends did ACER’s market monitoring and data insights find?
- ACER’s data attests to renewable growth driving Europe’s transition away from fossil fuels and contributing to the rebalancing of a tight gas market.
- Renewables rose to a record 45% of overall electricity generation. Wind and solar are powering this growth in renewables generation.
- Stable gas pipeline supply and record volumes of imported liquified natural gas (LNG) contributed to falling wholesale energy prices.
- Electricity and gas demand fell significantly in 2023, playing a key role in cutting Europe’s reliance on fossil fuel.
- Gas and electricity wholesale prices decreased but remained higher and more volatile than before the energy crisis.
- The EU faced record negative electricity wholesale prices (a twelve-fold increase on 2022).
Here’s a quick overview of the key developments in the electricity wholesale markets.
Here’s a quick overview of the key developments in the gas wholesale markets.