Wholesale electricity prices in Greece ranked as the EU’s second-highest in December, reaching 276.89 euros per MWh in the day-ahead market, up considerably, both on a monthly and annual basis, while electricity demand fell, a Hellenic Energy Exchange report has shown.
This December’s wholesale price level was 21.5 percent over the November price, and 18 percent above the level recorded in December, 2021.
Greece ranked second behind the common Italian and Maltese energy market, whose December price level was 294.91 euros per MWh.
Greece’s DAM prices remained high last month as a result of the country’s usage of a month-ahead model incorporating the TTF gas index. December’s electricity prices in Greece were shaped by the end-of-November price level of the TTF gas index, which ended the month at 118.68 euros per MWh.
By contrast, most other European wholesale electricity markets benefited from a drop in gas spot prices. They fell significantly in the last ten days of December to levels of 75 euros per MWh.
Limited renewable energy contributions to the country’s energy mix, down to 23 percent in December, compared to 33 percent in November, were another factor. This decline was attributed to lower wind energy output in Greece last month. On the contrary, wind energy output in central and northern Europe increased significantly during the final days of December.
Reduced trading at the day-ahead market in December, down 19 percent on December, 2021, signaled a further reduction in electricity demand last month, the Hellenic Energy Exchange report noted.