WEMO24-Compiled Report-Interactive compressed (002) 4154-7882-8116 v.1 - Flipbook - Page 6
Global
Outlook
The electricity market in Europe has turned upside down once
again. In 2023, EU electricity spot prices returned to pre-crisis
levels and the number of negative hours reached a record of
6870 in European markets, compared to 569 in 20225. (see
figure).
FIGURE 1
The United States produced more Crude in 2023 than any country, ever
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13000
12000
11000
10000
9000
8000
7000
6000
2018
Russia
2019
Saudi Arabia
2020
2021
2022
2023
WEMO 2024
2017
United States
Source: U.S. Energy Information Administration, International Energy Statistics, Data as of Decemeber 31, 2023
5 https://energy.ec.europa.eu/document/download/d48ec6b0-987f-4702-af0a-76bfb4fbce0c_
en?filename=New%20Quarterly%20Report%20on%20European%20Electricity%20markets%20
Q4%202023.pdf
6
2016
