Strong Meltemi winds in recent days have brought a temporary easing of prices in Greece’s wholesale electricity market, placing the country among the cheapest power markets in Europe, according to a report by Kathimerini. Increased generation from Renewable Energy Sources (RES), mainly wind and solar, covered more than 63% of Greece’s electricity generation mix, reducing the need for more expensive natural gas-fired plants.
The average price per megawatt-hour (MWh) in Greece stood at €95.81, lower than in several major European markets, including Germany (€147.07/MWh) and Bulgaria (€138.29/MWh). Lower prices were recorded only in Finland (€84.57/MWh) and Sweden (€91.68/MWh).
The average wholesale electricity price was lower today only in Finland (€84.57/MWh) and Sweden (€91.68/MWh).
Greece’s exception, however, does not mean that pressure on Europe’s energy market has eased. On the contrary, the European market is being affected by a combination of high temperatures and prolonged drought, which is limiting hydropower generation and creating operational problems for nuclear plants that depend on sufficient water supplies for cooling.
Current weather conditions are benefiting Greece, but the situation remains fragile. If renewable energy generation falls or more electricity needs to be produced using natural gas, prices could rise again. The main risk for the coming months is a more expensive winter in Europe, as lower hydropower and nuclear generation could increase demand for imported natural gas and put renewed pressure on energy markets.
Source: Κathimerini
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