The country’s grid is entering the summer in sound shape regarding energy sufficiency, aided by the absence of issues at main power plants, an accumulation of lignite stockpiles at power plant yards and mines, the imminent addition of 1,500 MW in July, when two new power plants developed by the Mytilineos group and power utility PPC begin operating at full scale, and, above all, abundant water levels at hydropower facilities.

Reservoir water levels, usually the biggest concern for the power grid operator at this time of the year, are above last year’s level and currently offer 3,000 GWh compared to 2,940 GWh a year ago.

This rise is the result of increased rainfall in May and early June, as well as the operation of power utility PPC’s pumped-storage facilities at two dams, Sykia (Haliacmon river) and Thisavros (Nestos river).

Pumped-storage facilities operate as hydroelectric energy storage, based on a configuration of two water reservoirs at different elevations that can generate power as water moves down from one to the other, passing through a turbine. The system also requires power as it pumps water back into the upper reservoir.

The news is also favorable in terms of wholesale electricity prices, currently down to a two-year low. Wholesale electricity was priced at 83 euros per MWh in June, 2021, skyrocketed as high as 436 euros per MWh in August, 2022, and has now fallen, between June 1 and 6, to an average price of around 80 euros per MWh.

It still remains unclear if such a low level can be maintained throughout June. Cool early-summer weather conditions at present are helping subdue electricity demand and, in turn, keeping wholesale electricity prices down.