Wholesale electricity market prices rose by nearly 20 percent in the first five months of the year, official market data provided by power grid operator IPTO has shown.
These wholesale price increases directly impact retail price levels for consumers who have opted for floating-tariff supply agreements linked to wholesale price-related clauses.
The overall cost of electricity in the wholesale market rose 19.1 percent between January and May, from 64.111 euros per MWh to 76.373 euros per MWh.
Electricity prices in the day-ahead and intraday markets rose by 14.1 percent between January and May, from 55.612 euros per MWh to 63.499 euros per MWh, the data showed.
Discrepancy cost nearly doubled during this period, rising from 0.836 euros per MWh to 1.643 euros per MWh.
Power utility PPC, which, until now, has incorporated CO2-price clauses into its electricity bills, has announced it will adopt wholesale price-related clauses in August.
Power utility PPC is preparing to replace its CO2 emission right price-related clause with one linked to wholesale electricity market price levels, which, combined with a 30 percent discount, to be applied as an offsetting tool, is ultimately expected to result in a slight overall reduction in electricity bill costs for consumers.
PPC’s new pricing system, set to be implemented on August 5, was adopted following pressure from RAE, the Regulatory Authority for Energy, in its effort to enhance the price-comparing ability of consumers.
Until now, PPC has been the only supplier using a CO2-related clause in its pricing system. All other suppliers have incorporated a wholesale market-related clause into their supply agreements, as protection against increased wholesale costs.
The power utility triggered its CO2-related clause in May in response to rallying CO2 emission right prices, which resulted in electricity bill increases of between 5 and 6 percent for consumers.
This percentage increase in the cost of PPC’s electricity bills is expected to be lowered as a result of the switch to a wholesale market clause and the accompanying 30 percent discount.