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Electricity markets

Electricity demand

Developments in electricity demand

GWh
201820172018-2017
Italy321,910320,5480.4%
Spain253,495252,5060.4%
Romania62,04460,8162.0%
Russia (1)805,916795,6901.3%
Argentina137,262136,7300.4%
Brazil (2)583,025574,5261.5%
Chile (2) (3)76,17574,1402.7%
Colombia69,17666,8613.5%

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

The positive trend in electricity demand in the countries in which the Enel Group operates, which began in 2017, continued last year.

The increase in electricity consumption again differed by country, with slower growth in mature economies such as Italy and Spain and faster expansion in South America.

In Europe, temperatures outside seasonal averages caused demand to expand by an average of 1% compared with the previous year. Italy and Spain posted smaller increases (both 0.4%), mainly due to weather developments and a slowdown in economic growth in the last part of the year. Russia and Romania registered the largest gains in 2018, expanding by 1.3% and 2% respectively.

By contrast, in the main South American countries electricity demand grew by an average of almost 3%. More specifically: Argentina posted growth of 0.4%, Brazil expanded by 1.5%, Chile by 2.7% and Colombia by 3.5%.

Italy

Electricity generation and demand in Italy

Milions di kWh
201820172018-2017
Net electricity generation:
- thermal185,046200,305(15,259)-7.6%
- hydroelectric49,27537,55711,71831.2%
- wind17,31817,565(247)-1.4%
- geothermal5,7085,821(113)-1.9%
- photovoltaic22,88724,017(1,130)-4.7%
Total net electricity generation280,234285,265(5,031)-1.8%
Net electricity imports43,90937,7616,14816.3%
Electricity delivered to the network324,143323,0261,1170.3%
Consumption for pumping(2,233)(2,478)245-9.9%
Electricity demand321,910320,5481,3620.4%

Source: Terna - Rete Elettrica Nazionale (monthly report - December 2018).

In 2018 electricity demand in Italy increased by 0.4% compared with 2017, reaching 321,910 million kWh. Of total electricity demand, 86.4% was met by net domestic electricity generation for consumption (88.2% in 2017) with the remaining 13.6% being met by net electricity imports (11.8% in 2017).

In 2018, net electricity imports increased by 6,148 million kWh, essentially reflecting the increase in demand in the national market.

Net electricity generation decreased by 1.8% in 2018 (-5,031 million kWh), reaching 280,234 million kWh. More specifically, greater hydroelectric generation (+11,718 million kWh) was more than offset by lower thermal generation (a decrease of 15,259 million kWh) and the contraction in photovoltaic generation (-1,130 million kWh).

Spain

Electricity generation and demand in the peninsular market

Milions of kWh
201820172018-2017
Net electricity generation246,827248,124(1,297)0.5%
Consumption for pumping(3,201)(3,608)40711.3%
Net electricity imports (1)9,8697,9901,87923.5%
Electricity demand 253,495252,5069890.4%

(1) Includes the balance of trade with the extra-peninsular system.
Source: Red Eléctrica de España (Series estadísticas nacionales - Balance eléctrico - December 2018 report). Volumes for 2017 are updated to February 28, 2018

Electricity demand in the peninsular market in 2018 increased by 0.4% compared with 2017 reaching 253,495 million kWh. Demand was only partially met by net domestic generation.

Net electricity imports in 2018 increased compared with the previous year. This growth essentially reflected developments in demand.

Net electricity generation in 2018 decreased by 1,297 million kWh to 246,827 million kWh.

Electricity generation and demand in the extra-peninsular market

Milions of kWh
201820172018-2017
Net electricity generation14,07914,181(102)-0.7%
Net electricity imports1,2331,179544.6%
Electricity demand15,31215,361(49)-0.3%

Source: Red Eléctrica de España (Series estadísticas nacionales - Balance eléctrico - December 2018 report). Volumes for 2017 are updated to February 28, 2018.

Electricity demand in the extra-peninsular market in 2018 decreased by 0.3% compared with 2017, reaching 15,312 million kWh. Of total electricity demand, 92.0% was met by net electricity generation in the extra-peninsular area, with the remaining 8.0% being met by net electricity imports, all from the peninsular system. The latter totaled 1,233 million kWh in 2019.

Net electricity generation in 2018 fell by 0.7% or 102 million kWh as a result of lower demand for electricity in the extrapeninsular market.

Electricity prices

Electricity prices

Average baseload price 2018 (€/MWh)Change in average baseload priceAverage peakload price 2018 (€/MWh)Change in average peakload price
Italy61.313.6%68.010.1%
Spain57.39.7%61.57.8%
Russia15.8-8.2%18.1-9.2%
Brazil61.7-26.8%68.6-44.6%
Chile54.94.6%104.20.9%
Colombia32.02.4%41.8-14.1%

Price developments in the main markets

Eurocents/kWh
201820172018-2017
Final market (residential) (1)
Italy0.20670.2106-1.9%
France0.17540.17231.8%
Portugal0.22460.2257-0.5%
Romania0.13330.12447.2%
Spain0.23830.22376.5%
Final market (industrial) (2)
Italy0.07750.0943-17.8%
France0.06860.061411.7%
Portugal0.10040.1006-0.2%
Romania0.07940.07515.7%
Spain0.08800.0871.1%

(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
20182017
Power Exchange - PUN IPEX - PUN IPEX (€/MWh)54.353.468.968.657.444.951.661.8
Residential user with annual consumption of more than 1.800 kWh (€/kWh): price net of taxes0.20.20.20.20.10.10.20.1

Source: EMO (Energy Markets Operator) and ARERA (Regulatory Authority for Energy, Networks and Environment).

In 2018, in Italy the uniform national sales price (PUN) returned to its 2013 levels, increasing by 13.6% compared with 2017, thanks to the increase in the price of PSV gas, driven by tensions in the fundamentals, and to a strong and constant increase in the price of CO2.