All eyes on today’s EU Council meeting as energy prices continue to soar

All eyes will be on an extraordinary Council meeting of EU energy ministers in Luxembourg today as energy crisis concerns around Europe have intensified, fueled by the EU’s inability, to date, to join forces for a common solution.

Should the ministers fail to take unified action, certain EU member states could start resorting to unilateral initiatives expressing a form of energy nationalism.

In Greece, the government’s disappointment over the lack of EU action so far has become apparent.

Wholesale electricity prices have continued to rise, reaching 218.06 euros per MWh today and forecast to hit even higher levels of between 230 and 240 euros per MWh in November. Adding the balancing cost, at 7 euros, as well as other charges, the overall wholesale price of electricity could reach 285 euros per MWh, resulting in a retail price of 300 euros per MWh.

At the current rate, the government’s support package until December, worth a total of 470 million euros, is beginning to appear insufficient to cover the energy crisis’ consequences.

The additional monthly cost for the economy, households and enterprises in Greece has been estimated at one billion euros.