Iceland

Retail electricity price levels in Greece were well below the EU average in the first half of 2023, giving the country a 17^th place ranking for most expensive low-voltage electricity among member states, Eurostat data has shown.

Greece ended the six-month period with retail electricity prices averaging 233 euros per MWh, compared to the EU average of 289 euros per MWh over the same period.

Calculations for these figures include taxes and other charges, but not subsidies offered to consumers.

The Netherlands topped the list with an average price of 475 euros per MWh in the first half of 2023, while Bulgaria was placed at the bottom end with an average price of 114 euros per MWh.

As for EU member states ranked slightly above Greece, Lithuania averaged 281 euros per MWh, Sweden followed with 269 euros per MWh, Austria was next 265 euros per MWh, Ireland’s average was 248 euros per MWh, and Finland, one place above Greece, ended the first half last year with an average price of 238 euros per MWh.

On the contrary, electricity supply for non-residential consumers in Greece, averaging 213 euros per MWh, was slightly above the EU average of 210 euros per MWh. Even so, Greece’s ranking remained the same, 17^th most expensive, for this category.

Romania topped the list of most expensive non-residential electricity with an average of 329 euros per MWh, while Iceland ranked lowest with an average of 78 euros per MWh in the first half last year.

EDEY, the Greek Hydrocarbon Management Company, is exploring, with the expertise and support of Norwegian scientists, the prospect of incorporating carbon capture and storage (CCS) and offshore wind farms into its range of activities, taking Norway as an example.

The effort is being conducted with financial support from the European Economic Area (EEA) grants mechanism, established by Norway, Iceland and Liechtenstein with the aim, amongst other matters, of strengthening bilateral ties with 15 European countries, including Greece.

Norway, which has accumulated years of expertise through hydrocarbon extraction, has successfully combined its upstream sector with new energy fields such as CCS and offshore wind farms.

According to EDEY chief executive Aristofanis Stefatos, the objective is to make note of the most positive aspects of these Norwegian synergies to help Greece develop important projects needed for the energy transition, without excluding exploration of natural gas deposits in Greek seas should market conditions become appropriate.

The EDEY study with Norwegian experts, titled “Review of the Transformation of the Norwegian Oil and Gas Industry during the Energy Transition and its application in Greece”, began last April and has been included in the EEA Grants program covering 2014 to 2021.

Retail electricity prices below EU average in first half of ’23

EDEY studying Norwegian upstream diversification