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Electricity markets

Developments in electricity demand

GWh
20162015Change
Italy310,251316,897-2.1%
Spain250,131248,3980.7%
Romania58,76957,4122.4%
Russia (1)781,110767,3281.8%
Slovakia30,03129,2132.8%
Argentina137,061136,2090.6%
Brazil (2)548,783581,130-5.6%
Cile (2) (3)72,92071,3592.2%
Colombia66,39566,1750,3%

(1) Europe/Urals.
(2) Figure for the SIC - Sistema Interconectado Central.
(3) Gross of grid losses.
Source: Enel based on TSO figures.

In Europe, the continental countries and Spain recorded positive rates of growth in electricity demand, mainly because of the economic recovery, partly offset by temperature effects. Conversely, Italy registered a contraction of 2.1% (-1.4% excluding temperature and calendar effects). The fall in demand was in line with trends in the country’s economic growth and consumption, which showed slight signs of improvement in the 4th Quarter of the year. Spain posted growth of 0.7% (+0.8% excluding calendar and temperature effects), significantly slower than the estimated growth in GDP of more than 3%. More specifically, the performance reflected the slowdown under way since 2008 in private and industrial consumption, partly due to efficiency gains and partly to structural factors. Russia also registered growth in 2016 (+1.8%) compared with 2015, a positive sign when set against the recession still prevailing in the country. Growth of the Latin American countries continued, except for Brazil, although the pace of expansion was slower than the previous year: Argentina (+0.6%), Colombia (+0.3%) and Chile (+2.2%), while demand decreased in Brazil (-5.6%), affected by the recession.

Italy

Domestic electricity generation and demand  

Millions of kWh
20162015Change
Net electricity generation:
- thermal187,461182,8614,6002.5%
- hydroelectric42,32346,451(4,128)-8.9%
- wind17,45514,7052,75018.7%
- geothermal5,8655,824410.7%
- photovoltaic22,54522,587(42)-0.2%
Total net electricity generation275,649272,4283,2211.2%
Net electricity imports37,02646,378(9,352)-20.2%
Electricity delivered to the network312,675318,806(6,131)-1.9%
Consumption for pumping(2,424)(1,909)(515)-27.0%
Electricity demand310,251316,897(6,646)-2.1%

Source: Terna - Rete Elettrica Nazionale (monthly report - December 2016).

In 2016, domestic electricity demand decreased by 2.1% (to 310,251 million kWh) compared with 2015. Of total electricity demand, 88.1% was met by net domestic electricity generation for consumption (85.4% in 2015) with the remaining 11.9% being met by net electricity imports (14.6% in 2015).

In 2016, net electricity imports decreased by 9,352 million kWh, the joint effect of the decline in demand and an increase in net power generation in the national market.
Net electricity generation increased by 1.2% or 3,221 million kWh in 2016, to 275,649 million kWh. More specifically, in an environment of decreased electricity demand and less favorable water availability conditions, thermal generation increased by 4,600 million kWh, accompanied by an increase of 2,750 million kWh in wind generation as a result of the expansion of available wind farms.

Spain

Electricity generation and demand in the peninsular market

Millions of kWh
20162015Change
Net electricity generation248.531254.387(5.856)-2,3%
Consumption for pumping(4.811)(4.520)(291)-6,4%
Net electricity exports (1)6.411(1.469)7.880-
Electricity demand250.131248.3981.7330,7%

(1) Includes the balance of trade with the extra-peninsular system.
Source: Red Eléctrica de España (Estadística diaria del sistema eléctrico español peninsular - December 2016 report). Volumes for 2015 are updated to December 9, 2016.

Electricity demand in the peninsular market in 2016 rose by 0.7% compared with 2015 reaching 250,131 million kWh. Demand was met virtually entirely by net domestic generation for consumption, while in 2015 that generation had in fact exceeded internal demand.

Net electricity exports in 2016 decreased compared with the previous year. This essentially reflected the net effect of a decline in exports and an increase in imports from other countries, driven by lower average sales prices on international markets and the need to meet domestic requirements.

Net electricity generation in 2016 decreased by 2.3% (-5,856 million kWh) to 248,531 million kWh.

Electricity generation and demand in the extra-peninsular market

Millions of kWh
20162015Change
Net electricity generation13,78513,5492361,7%
Net electricity imports1,2511,336(85)-6,4%
Electricity demand15,03614,8851511,0%

Source: Red Eléctrica de España (Estadística diaria del sistema eléctrico español extrapeninsular - December 2016 report). Volumes for 2015 are updated to December 12, 2016.

Electricity demand in the extra-peninsular market in 2016 increased by 1.0% compared with 2015, reaching 15,036 million kWh. Of total electricity demand, 91.7% was met by net electricity generation in the extra-peninsular area, with the remaining 8.3% being met by net electricity imports, all from the peninsular system. The latter totaled 1,251 million kWh in 2016.
Net electricity generation in 2016 rose by 1.7% or 236 million kWh as a result of higher demand for electricity in the extrapeninsular market.

Electricity prices  

Electricity prices

Average
baseload price 2016
(€/MWh)
Change in baseload
price 2016-2015
Average peakload
price 2016 (€/MWh)
Change
in peakload price
2016-2015
Italy42.78-18.3%48.2-17.2%
Spain39.7-21.2%45.0-20.5%
Russia15.394.6%17.5-6.3%
Slovakia31.6-6.0%40.1-6.8%
Brasil30.0-62.4%61.6-53.0%
Cile54.8-32.9%128.2-27.9%
Colombia83.9-29.7%244.1-58.2%

Price developments in the main markets

Eurocents/kWh
20162015Change
Final market (residential) (1)
Italy0.240.24-2.2%
France0.170.162.4%
Portugal0.240.233.1%
Romania0.130.13-3.6%
Spain0.220.23-6.6%
Slovakia0.140.15-6.0%
Final market (industrial) (2)
Italy0.080.09-10.7%
France0.060.07-11.0%
Portugal0.080.10-18.0%
Romania0.060.07-10.2%
Spain0.110.11-5.8%
Slovakia0.100.11-15.8%

(1) Annual price net of taxes - annual consumption of between 2,500 kWh and 5,000 kWh.
(2) Annual price net of taxes - annual consumption of between 70,000 MWh and 150,000 MWh.
Source: Eurostat.

Electricity price developments in Italy

1st Quarter2nd Quarter3rd Quarter4th Quarter1st Quarter2nd Quarter3rd Quarter4th Quarter
20162015
Power Exchange - PUN IPEX (€/MWh)39.634.540.955.947.956.752.8
Average residential user with annual consumption of between 2,641 and 4,440 kWh with subscribed capacity of more than 3 kW (€/kWh): price net of taxes0.240.230.240.240.240.240.25

Source: GME (Energy Markets Operator); Authority for Electricity, Gas and the Water System.

In Italy, the average uniform national sales price of electricity on the Power Exchange contracted sharply in 2016 (-18.3%), reaching a historic low on a number of days during the year.
The average annual price (net of taxes) for residential users set by the Authority for Electricity, Gas and the Water System fell slightly in 2016, declining by 1.9%.