Greece’s electricity exports increased by over 800 percent in June, year-to-year, a development that has been attributed to delayed pricing in the country, which follows the course of the TTF index with a one-month delay, a latest monthly report released by power grid operator IPTO has shown.

The country’s electricity exports to Balkan markets through grid interconnections grew by 805.86 percent in June, reaching 351 GWh from just 39 GWh in the equivalent month a year earlier.

Trading companies took full advantage of the country’s pricing latency to offer highly competitive electricity prices in neighboring markets.

Despite the sharp increase in electricity exports, Greece remains a bigger importer. The country’s electricity imports in June totaled 509 GWh, roughly 25 percent lower than the amount recorded in the previous month.

Greece’s electricity imports exceeded exports by 158 GWh in June, well below the 490 GWh figure recorded in June, 2021.

This trend explains why domestic electricity production rose sharply, to 4,154 GWh, up 15.02 percent compared to a year earlier. This figure is almost at par with total domestic demand, at 4,313 GWh.

Electricity demand in Greece fell for a third month running in June, down 1.22 percent, year-to-year, a development attributed to higher prices.