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Italian June IPEX Baseload Rises for Second Month

April 22, 2016

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The average baseload day-ahead price on the Italian IPEX power exchange in June climbed for a second month in a row following a record low for the day-ahead contract set in April, according to a report from market operator Gestore Mercati Energetici (GME) published Friday.

The average daily price in June was Eur36.79/MWh ($41.00/MWh), up from Eur34.78/MWh in May and Eur31.99/MWh in April, which was the third consecutive month to record an all-time low this year.

Nonetheless, the June average was still down 24% from June 2015, according to GME.
During the month, the average peakload price on the exchange platform was Eur40.45/MWh, down 23% from June 2015 while the off-peak day-ahead price averaged 34.82/MWh in the month, down 25% year on year. Both contracts had also hit record lows in April.

The hourly minimum on the exchange in June was Eur19.67/MWh while the hourly maximum was Eur64.26/MWh, GME said, from a minimum-maximum spread of Eur15.00/MWh and Eur76.41/MWh in the year-ago month.

Average hourly baseload volume on the day-ahead market during the month, comprising both bourse and over the counter trade, fell 1% year on year to 32.5 GWh, the group said, with average hourly baseload volume on the bourse up 2% year on year at 23.2 GWh.

Total offered volume on the system (bourse and OTC) was 40.9 TWh in the month, down 3% year on year, while total demand volume was 24.4 TWh, also down 3% year on year.

This meant there was 68% more volume offered than requested in the month. This compared with an average of 64% of excess supply in full-year 2015.

Wholesale sales by generation type saw gas-fired generation cover 33.7% of supply in the month, up from 31.3% in June 2015, while renewables, including hydro, covered 48.3% of supply from 45.9% in the same month last year. Coal covered 7.7%, down from 8.5%, while other traditional thermal sources supplied 8.7%, down from 12.5% in June 2015, GME said.

On the country's international links, the market coupling mechanism saw 80% of the 2.1 GWh average hourly capacity, or 1.7 GWh, allocated to the French border, GME said. Besides that, 179 MWh of hourly capacity was allocated on the Austrian border and 273 MWh on the Slovenian border.

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