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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.

EU’s RES installations in ’22 climb to record level

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Wind and solar energy installations reached a record level in the EU last year, adding 57 GW to the continent’s grid, a 16 percent year-on-year rise, according to a European Commission report for the fourth quarter in 2022.

These increased RES installations helped renewable energy capture an increased share of the EU’s energy mix in 2022, rising 39 percent, up from 38 percent in 2021, the Brussels 4Q report showed.

Solar energy output rose by 26 percent in 2022, offering an additional 41 TWh, onshore wind farm generation increased by 10 percent, or 33 TWh, while offshore wind farm production grew by 4 percent, delivering an additional 2 TWh to Europe’s grid.

Solar and wind energy’s combined output in 2022 rose by 14 percent, offering an additional 76 TWh, according to the report.

Hydropower generation fell by 17 percent, or 61 TWh, as a result of dominant drought periods in a number of European countries during 2022.

Nuclear energy generation was also down in the EU last year, falling 17 percent, or 118 TWh, as a result of disruptions and facility maintenance delays in France.

The European Power Benchmark, the continent’s average wholesale baseload electricity price, rose 121 percent in 2022 compared to a year earlier, reaching 230 euros per MWh, the 4Q report showed.

Italy recorded Europe’s highest average wholesale electricity price in 2022, at 304 euros per MWh, followed by Malta, at 294 euros per MWh, Greece, at 279 euros per MWh, and France, at 275 euros per MWh, the European Commission report noted.

Wholesale power up 238% in second quarter, EU’s second-highest rise

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Greece’s wholesale electricity price registered Europe’s second-biggest annual increase in the second quarter of 2022, compared to the equivalent period a year earlier, soaring 238 percent, a new report published by the European Commission has shown.

France topped the list with a 254-percent increase over the same period, while Italy was ranked third-highest, its wholesale electricity price rising 234 percent between the second quarters of 2021 and 2022.

Greece’s 238-percent increase resulted in the country having the third-highest wholesale electricity price in the EU in the second quarter this year, at 237 euros per MWh, behind Malta, at 252 euros per MWh, and Italy, at 249 euros per MWh.

Elsewhere in the EU, Bulgaria’s wholesale electricity price in the second quarter this year was 199.9 euros per MWh, France registered 226.3 euros per MWh, and Germany was at 187.1 euros per MWh, the report showed.

As for industrial energy prices, without taxes, Greece topped the list in the second quarter. Electricity prices for mid-size industrial consumers rose by 194 percent in Greece between the second quarters of 2021 and 2022, to 34.5 cents per KWh, the highest in the EU.

In the household category, Greece’s electricity prices, including taxes and fees, were ranked 10th in the EU, at 30.46 euros per KW/h, above the EU average of 28.62 euros per KW/h, following the second-biggest annual increase, 81 percent, exceeded only by Estonia.

Subsidies were not taken into account for this report. During the energy crisis, Greece has so far offered the highest amount of subsidies as a percentage of GDP.