Sweden

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

Posted on by admin

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.

 

Wholesale power highest in Europe at €154.63/MWh

Posted on by admin

Greece’s wholesale electricity prices have risen sharply today, up 34.68 percent to an average of 154.63 euros per MWh from yesterday’s level of 114.81 euros per MWh, making them Europe’s highest.

The minimum price in Greece today will fall to an average of 96 euros per MWh, while the highest will peak at 377.18 euros per MWh.

Romania has registered Europe’s second-highest wholesale electricity price today, at 150.69 euros per MWh, followed by Bulgaria, at 150.13 euros per MWh.

Meanwhile, major European markets have registered significantly lower wholesale electricity prices today. Italy’s average wholesale price today is at 120.36 euros per MWh and Germany’s is 118.67 euros per MWh.

Norway has registered Europe’s lowest wholesale electricity price today, averaging 40.21 euros per MWh, followed by Turkey, at 82 euros per MWh, Sweden, at 87.6 euros per MWh, and Spain and Portugal, both registering an average of 89.66 euros per MWh.

As for Greece’s energy mix, natural gas-fueled power stations will cover 42.26 percent of the country’s energy needs today, followed by renewables, at 21.56 percent, electricity imports, at 20.26 percent, hydropower, at 7.91 percent, and lignite-fired power stations, at 2.62 percent.

The country’s electricity demand today is projected to reach 161.213 GWh, peaking at 7,946 MW at 12.30 pm.

 

Sweden’s OX2 buys 500-MW RES portfolio, eyeing further moves

Posted on by admin

Swedish company OX2 has acquired wind and solar energy projects in Greece with a total capacity of 500 MW, a development that serves as a reminder of the steadily growing interest of European and international investors in the country’s RES market.

OX2 already possesses an extensive past in the Greek market, having collaborated with local companies to develop RES projects offering a total capacity in excess of 4 GW, the Swedish company has pointed out.

Further details on the deal’s seller, or sellers, have not been disclosed, but it is understood OX2’s acquisition concerns projects that are currently at different stages of development in various parts of Greece.

The Swedish company is preparing to assemble a team in Greece comprised of personnel from the Greek market as well as employees already with the company, sources have informed energypress.

OX2 plans to also examine further investment opportunities in the Greek market and is eyeing offshore wind farm, energy storage and hydrogen-related investments, a top-ranked company official has told energypress.

“Greece is a very interesting market for OX2. Approximately 20 percent of energy consumed is imported and 15TWh of lignite-fired power will be replaced by 2028,” noted Paul Stormoen, chief executive officer at OX2. “The country has strong sources, serious prospects for development of green energy projects, and plans to install over 5 GW in solar units and more than 3 GW in wind units by 2030. OX2 is aiming for a long-term presence and can accelerate the energy transition by utilizing its high expertise in the development of RES projects,” he continued.

Last year, OX2 formed subsidiaries in Romania and Italy and also developed a solar energy hub in Spain. The company is active in ten European markets.

 

Greece climbs up to 12th place in EU electricity tariff cost rankings

Posted on by admin

Greece has climbed seven places, to 12th from 19th, in the EU rankings for retail electricity cost, pushed higher by a government decision reached last year to increase tariffs at state-owned power utility PPC, according to latest Eurostat data.

These tariff hikes at PPC were imposed by the government in August, 2019 to protect the utility from falling into bankruptcy.

The EU rankings concern electricity price levels for household consumption levels between 2,500 to 5,000 kWh, annually.

Electricity tariff increases for households in Greece rose by an average of 8.6 percent in the first half of 2020, compared to the previous half, when the country was ranked 19th.

The first-half tariff price for households averaged € 0.129 per KWh, not including taxes and surcharges, up from €0.1189 per KWh in the second half of 2019.

PPC remains Greece’s dominant supplier, representing 63 percent of electricity consumption.

The PPC tariff increase has made electricity more expensive in Greece than in countries with higher income per capita levels. Electricity is now more expensive in Greece than in France (€ 0.1247 per KWh), Finland (€ 0.1178 per KWh), Spain (€ 0.1178 per KWh) and Sweden (€ 0.1130 per KWh), all with higher income levels. Electricity is also more expensive in Greece than in Portugal (€0.1139 per KWh).

Despite the country’s rankings rise, electricity prices in Greece remain below the EU average (€0.1327 per MWh), a result of the competition generated by independent suppliers, subduing prices.

The biggest electricity tariff decreases in the first half of 2020, compared to the previous six-month period, were recorded by the Netherlands (-31%), Latvia (-12.8%), Slovenia (-11.4%), Sweden (-10%) and Estonia (-8.9%), the Eurostat data showed.