February 5, 2023

Valley Post

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The wholesale price of electricity suddenly jumped in Greece – homes and businesses are “burning”

The price of megawatt-hours in our country exceeded 400 euros, with this psychological barrier being crossed, indicating a new period of precision for electricity, at a time when the need for heating by electricity is expected to increase.

Thus, the wholesale price for Tuesday, based on the data of the Energy Exchange, stands at 400.86 euros / megawatt-hour, recording an increase of 19.03% compared to yesterday (336.78 euros / megawatt-hour), with the lowest level at 251.24 euros / megawatt-hour. And the highest price exceeds 500 euros at 525 euros/MWh.

Certainly, the main reasons for this upward trajectory include the fact of the absolute dominance of natural gas and, at the same time, the collapse of the participation of renewables. Based on the data, the participation of natural gas is currently 54.88%, followed by imports at 12.62%, and lignite at 12.26%, while natural gas resources are limited to 11.88% (12.56% with Crete) and hydroelectric power at 4.10%.

Electricity prices in other countries are at similarly high levels, as in France with 418 EUR/MWh, in Italy 401 EUR/MWh and in Bulgaria 396 EUR/MWh.

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