Average day-ahead, within-day and system prices in Q1 2022 all more than tripled compared to Q1 2021 as a result of the Russian invasion of Ukraine, EnAppSys has found.
During Q1 2022, the average EPEX day-ahead price was £200.80/MWh, while the corresponding Nordpool price was £199.63/MWh — over triple the average prices for the same auctions in Q1 2021. Within day price averages also tripled from £59.62/MWh in Q1 2021 to £194.30/MWh.
Average system prices of £197.64/MWh, meanwhile, were the highest on record, although the peak price in an individual settlement period fell around £2/MWh short of the all-time high peak system price seen in Q3 2021.
The Q1 2022 average day-ahead, within-day and system prices were also more than six times the levels seen in Q1 2020.