Greek gas market peculiarities and the non-existence of a spot market for natural gas were attributed as key reasons behind wholesale electricity market price differences between Greece and markets abroad, local electricity producers told RAE, the Regulatory Authority for Energy, following the authority’s request for explanations.

RAE held talks with representatives of power utility PPC, Mytilineos, Elpedison and Heron on the issue of wholesale electricity price levels.

The Greek gas market operates on a month-ahead model without the possibility for supply through spot markets, all four electricity companies told RAE.

At present, roughly half of the country’s electricity is generated by natural gas-fired power stations.