The country’s latest prolonged heatwave conditions have made huge impact on the energy market, driving up today’s wholesale electricity average price to 136 euros per MWh and the price of natural gas to a 16-year high, once again testing the grid’s limits, as well as those of suppliers and their household and business customers.
Today’s wholesale price ascent to 136 euros per MWh adds to the steady rise of recent days, which began the week at 93 euros per MWh on Monday, following an average level of 75 euros per MWh last week. The increase represents an 83 percent wholesale electricity price increase in a week.
Continual use of air condition systems over the next few days of extreme hot weather, that has been forecast, is expected to further increase electricity demand and price levels, placing on high alert market players and officials, from the operators to RAE, the Regulatory Authority for Energy, the energy ministry, power utility PPC and independent energy producers.
Despite the increased pressure, grid sufficiency, for the time being, appears to be under control. No power station damages have been reported, while PPC’s lignite-fired power stations, nowadays representing a high-cost option, along with big RES units, have been mobilized, creating safe conditions for the challenging evening hours, from 7pm until midnight.
At present, supply is exceeding demand, typically reaching levels of approximately 9.5 GW in recent days, all hot.