Electricity prices and demand drop during Easter holiday period

Electricity prices and demand both fell last week, primarily driven lower by the Greek Easter holiday period.

Last week’s average clearing price dropped by 7.26 percent to 119.81 euros per MWh, the upper and lower clearing price levels reaching 190 euros per MWh and 9.72 euros per MWh, respectively.

Last week’s highest clearing price was recorded on April 13 at 131.90 euros per MWh.

Besides the drop in electricity demand during the Greek Easter holiday period, higher RES contributions, which rose by 40 percent last week, to 353 GWh, also helped lower electricity prices.

The price drop would have been even greater had power grid operator IPTO not reduced electricity imports during midday hours, an initiative taken to protect the grid from overload concerns.

Domestic electricity demand last week fell to less than 0.8 TWh, reaching 771 GWh. The week’s overall electricity demand at the energy exchange totaled 848 GWh.

RES units generated a daily average of 50 GWh last week to represent 48 percent of the energy mix.

Hydropower facilities covered 2 percent of electricity demand last week, generating 16 GWh, a 16 percent drop compared to a week earlier.

Natural gas-fueled power stations produced 245 GWh last week, covering 33 percent of demand, while lignite-fired generation hit a 51-week low at 44 GWh to cover 6 percent of demand.