Between January 1 and May 15, 2023, record PV production was recorded in almost all major European electricity markets when compared to the production of this period in the previous five years. These records are the result of the increase in installed capacity experienced by this technology. Wind power, which has also increased its presence in the main European markets in recent years, recorded record production in Spain and France.
It is hardly a secret that in recent years Europe has given a major boost to renewable energies, mainly solar photovoltaic and wind power. Initially the aim was to decarbonize the European electricity sector, but after the Russian invasion of Ukraine and the resulting price crisis in the energy markets, the need to generate electricity with these non-polluting sources to reduce energy dependence on foreign sources has also gained weight.
Record solar photovoltaic production in Europe in the first months of 2023
To quantify the growth of photovoltaic and wind power in recent years in Europe, AleaSoft Energy Forecasting has compared the production of these technologies between January 1 and May 15, 2023, with respect to what they produced in the same period of the previous five years, from 2018.
According to this analysis, in 2023, up to May 15, record solar PV production was broken in most of the major European markets, when compared to the same period of the last five years. The exception was Germany, where the highest PV production in the period analyzed was recorded in 2022.
In mainland Spain, 12.5 TWh were generated with solar PV between January 1 and May 15, 2023, which compared to the same period in 2022 was an increase of 45%, and compared to 2018, an increase of 404%. In France, 6.8 TWh were generated, increasing by 26% compared to 2022 and 135% compared to 2018. In Italy, solar PV contributed 7.8 TWh to the generation mix through mid-May 2023, placing it 1.0% and 53% above what was produced in the same period in 2022 and 2018, respectively. In Portugal, 1.3 TWh was generated with solar PV, increasing by 47% compared to 2022 and 363% compared to 2018.
The PV production records are the result of the increase in the installed capacity of this technology in the main European markets over the last few years, especially in Portugal and mainland Spain, where the increase between 2018 and 2023 was 390% and 350%, respectively.
In the case of peninsular Spain, solar thermal production in the first part of 2023 was the highest in the last six years, despite the fact that the installed capacity of this technology has remained at 2304 MW during all these years. Between January 1 and May 15, 1.7 TWh were generated, a value 35% higher than in the same period of 2022 and 45% higher than in 2018.
Wind power production records in Europe in the first months of 2023.
In the case of wind power, between January 1 and May 15, 2023, only six-year peak production records were recorded in mainland Spain and France. In the first case, 25.9 TWh were generated, an output 7.0% higher than in 2022 and 5.2% higher than in 2018. In France, wind power production up to May 15 reached 18.5 TWh, increasing by 23% and 53% compared to 2022 and 2018 respectively.
In the case of installed wind power capacity, increases have also been recorded between 2018 and 2023 in all major European markets. In this case, the largest increases were in France, 76%, and mainland Spain, 28%.
AleaSoft Energy Forecasting analysis on the outlook for energy markets in Europe and the financing and valuation of renewable projects.
In the financing, valuation of renewable projects and PPAs, robust and reliable long-term forecasts are needed, without large variations from one quarter to the next. AleaSoft Energy Forecasting, with 24 years of experience, is trusted by its customers as a provider of forecasts for the energy sector. A promotion of the long-term price curves, which are based on a scientific method and characterized by consistency, is being carried out in May.