Greece, Drop in spot price to 232.6 euros per MWh in October

, SEE Energy News

Greece’s day-ahead electricity price was cut by 44% in October, while natural gas prices across Europe continued to fall from record highs in late August, data from the Greek Energy Exchange showed. The drop in prices was supported by an increase in the share of renewable energy sources in the energy mix to 40%, reducing the share of gas to 23% in the total monthly volume of 4.04 TWh.

The average October spot price of EUR 232.6 per MWh is 44% lower than in September (EUR 416.9 per MWh), with the trade value reduced to EUR 947 million from September’s EUR 1.8 billion, the data showed.

According to the latest stock exchange data, the weekly spot price of electricity fell to 194.7 euros per MWh in the period from November 7 to 13.

October electricity demand of 3.4 TWh decreased by 9% on an annual basis, while gas-based production of 946 GWh decreased by 54% compared to the same period of the previous year. This was mainly due to the implementation of the country’s day-ahead gas price mechanism, with cogeneration plant operators continuing to pay higher prices in October.

With the decline in the production of gas plants, imports increased, to close to 900 GWh, with the largest increase in flows from Italy and Albania. Net import was close to 500 GWh.

The state’s individual renewable generation buyer DAPEEP had a 35% market share in October. The share of state producer PPC of 28% was followed by Mytilineos (13%), aggregator Optimus Energy (10%), Heron (5%) and Elpedison (5%).