Government officials, battling for months to deal with exorbitant energy price levels resulting from the energy crisis, now dread the thought of a further price rise in wholesale electricity to levels of as high as 400 euros per MWh should the Ukraine problem develop into a bigger conflict.

Responding to a halt in the licensing procedure for Nord Stream 2, a subsea gas pipeline directly linking Russia with Germany, Russian officials have warned of higher natural gas prices that could lead to wholesale electricity price levels of as much as 400 euros per MWh, more than double the already-high 188.39 euros per MWh at present.

Despite these concerns, local officials remain less troubled about a possible energy shortage, heartened by the milder weather conditions, high water reservoir levels at dams, as well as the increased production capacity of RES units this time of the year, which, in a worse-case scenario involving a Russian gas supply interruption via the Turk Stream pipeline, should help the grid maintain sufficiency levels.

Top-ranked government officials, including aides of the Prime Minister Kyriakos Mitsotakis, energy minister Kostas Skrekas, RAE (Regulatory Authority for Energy) president Thanasis Dagoumas, power utility PPC’s chief executive Giorgos Stassis, and gas utility DEPA’s chief executive Konstantinos Xifaras, held a meeting yesterday to examine the pressured energy market’s developments, emergency plans, as well as the financial leeway available for a continuation of energy subsidy support for beleaguered consumers.