RES overproduction prompts near-zero price levels for 3 hrs

Renewable energy production has reached extremely high levels today, nearing an all-time high, for a 58 percent share of the energy mix, if RES units on Crete are taken into account, and a share of over 60 percent should hydropower stations be included in the calculations, day-ahead market figures have shown.

RES output will reach levels ranging between 3,290 MW and 5,370 MW, depending on the time of day, producing a total of 76,000 GWh, according to data provided by power grid operator IPTO.

Price levels dropped close to zero for three hours last night, between 3 am and 5 am, and will drop to 9.7 euros for an hour at midday.

It is worth noting conventional power stations continued operating during the nighttime hours of near-zero price levels. More specifically, natural gas-fueled power stations produced 127 MW and lignite-fired units generated 420 MW, for reasons concerning grid stability and exports.

It was a similar situation on October 7, when RES facilities fully covered the country’s energy needs for a five-hour period. On that day, IPTO, the power grid operator, explained a small proportion of conventionally generated electricity would be maintained to ensure grid stability and cover for any RES output fluctuations.