Ireland

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

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Retail electricity price levels in Greece were well below the EU average in the first half of 2023, giving the country a 17th 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, 17th 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.

 

Greek wholesale electricity prices fourth highest in Europe

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Greece’s wholesale electricity prices were ranked fourth highest in Europe during the year’s first eight-month period, behind those of Italy, Malta and Ireland, according to data presented to Greek Parliament by RAAEY, the Regulatory Authority for Waste, Energy and Water, in response to a question raised by the left-wing main opposition Syriza party.

The authority primarily attributed Greece’s high European electricity price ranking to lofty prices recorded in January, when they peaked at 201 euros per MW/h as a result of a delayed implementation of natural gas prices in the Greek market, in contrast to other parts of Europe.

Subsequently, a natural gas price peak to 119 euros per MWh in December, 2022 made immediate impact on wholesale electricity prices in other parts of Europe but did not influence electricity prices in Greece until a month later, when prices had begun falling elsewhere on the continent.

Wholesale electricity prices in Greece were Europe’s highest in January. However, several months later, in June and July, the setting had changed drastically, with Greek wholesale electricity prices ranked 15th among 32 European countries, RAAEY noted.

Greece’s greenhouse gas emissions down 8.3% in Q1

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Greece’s greenhouse gas emissions fell by 8.3 percent in the first quarter of 2023, the fourth-largest drop in the EU, according to data published by Eurostat.

Bulgaria registered the EU’s biggest greenhouse gas emissions reduction in the first quarter, down 15.2 percent, followed by Estonia (14.7%) and Slovenia (9.6%).

The biggest increases in greenhouse gas emissions were registered by Ireland, up 9.1 percent, Latvia (7.5%) and Slovakia (1.9%).

Overall, the EU’s greenhouse gas emissions fell by 2.9 percent in the first quarter, dropping to 941 million tons from 969 million tons.

Households were the biggest polluters as they were responsible for 24 percent of the EU’s greenhouse gas emissions in the first quarter, followed by the industrial sector (20%), electricity and natural gas sectors (19%), agriculture (13%) and transportation (10%).

Energy storage investors scan details ahead of first auction

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Investors looking to install energy storage units in Greece are currently exploring  market participation details and options and how these could secure feasibility as they prepare for a first auction for standalone batteries, expected to take place within the next few months.

Participants will be offered 50 percent of a total capacity of 900 to 1,000 MW currently allotted to energy storage units. Looking further ahead, the country’s updated National Energy and Climate Plan envisages the installation of 5.6 GW in batteries for energy storage over the next ten years.

For the time being, it appears investors will need to develop their energy storage projects without state support, meaning their respective business models will rely entirely on funds generated through the market.

These revenues will, on the one hand, be generated by storage facility contributions to daily coverage of demand, and on the other, remuneration that could be received for provision of a range of services, including grid congestion relief and balancing.

Indeed, in cases of markets such as the UK and Ireland, serving as models for the domestic market, the provision of such services constitute the main source of income for energy storage units, which explains concerns raised by investors in Greece and why they are seeking clarification on financial details in advance before making investment decisions.

It should be noted, however, that in any case, the establishment of capacity mechanisms is considered necessary for the viability of energy storage projects.

RES auctions postponed throughout Europe

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Governments throughout Europe are postponing RES auctions as a result of the coronavirus pandemic’s impact on markets.

Germany, France and Ireland have already taken steps back to protect new RES projects, currently at various development stages, according to a Green Tech Media report.

Germany had planned seven RES auctions for this year. The country has so far offered 400 MW for solar energy projects and 675 MW for wind farms, while a further 2.9 GW for onshore wind farms and 1.4 GW for solar energy facilities remain pending. Strong investment interest had been expressed prior to the postponements.

In France, a RES auction for solar energy projects has been postponed by two months. In Ireland, a session that had been planned for April 2 has now been rescheduled for April 30. Portugal has also postponed a RES auction offering 700 MW for solar energy projects.

On the contrary, Dutch authorities intend to press ahead with a RES auction at the end of this month, offering 700 MW for wind farms. Swedish multinational power company Vattenfall’s Dutch subsidiary has announced it will not participate.