The country and Europe, as a whole, are bracing for even greater energy-system pressure ahead of anticipated summer heatwaves around the continent and the threat of intensified natural gas shortages.

The upcoming temporary closure of the Nord Stream gas pipeline, linking Russia with Germany, for annual maintenance work between July 11 and 21, according to Nord Stream AG, the gas pipeline operator, has European officials concerned the move could be a precursor for a full disruption. This would have a knock-on effect on natural gas prices all the way down to the Balkans.

Under the currently mild market conditions of pre-heatwave low demand, electricity prices in Greece are at 323.78 euros per MWh today. Officials dread the impact on prices of higher heatwave-induced electricity demand, combined with further Russian gas supply cuts to Europe.

At this stage, there is no way of knowing if Greece will be able to continue importing electricity from its northern neighbors if further Russian gas supply cuts prompt a wider shortage. In such a case, neighboring countries, like Greece, could look to fully cover domestic demand before thinking about exporting electricity.

Greek electricity producers are currently exporting considerable quantities to Bulgaria, Albania and Italy, driven by high prices fetched. Prices for electricity exports to Italy today are at 418 euros per MWh. However, electricity exporters may be forced to disrupt these sales in the event of an acute energy crisis in the Greek market.