Lower wholesale electricity prices in Greece led to a surge in electricity exports in January, up 323.17 percent compared to a month earlier.

Wholesale electricity prices have been on a downward trajectory in Greece since the beginning of the year, making the country Europe’s 8th most expensive, in this specific market, from 3rd most expensive in 2023.

Integrated energy markets enable energy to flow from lower-cost to higher-cost markets. The majority of Greece’s electricity exports have headed to Italy.

Up until the energy crisis, Italy was Europe’s most heavily dependent country on natural gas. Though this exposure has since been limited, the neighboring country’s electricity prices are still influenced by natural gas prices.

Interestingly, the current month provided a snapshot of the future as, according to official data, renewables covered 68 percent of Greece’s day-ahead market load on February 11, the second highest coverage rate since the launch of the target model three years ago.

The all-time high was recorded on September 10, when renewables covered 70.75 percent of the country’s load.