Greece: Electricity prices at wholesale and retail market

, SEE Energy News

Retail electricity prices in Greece in the second half of 2019, were among the lowest in the EU, while the country registered the second biggest drop in household electricity price (- 5.8 %), compared to the EU average of a 1.3 % increase, according to Eurostat. However, Greek wholesale price is one of the highest in the region.

The price of electricity for households in Greece averaged 155 euros/MWh in the first half of 2019, compared to the EU average of 216 euros/MWh, the price of electricity in Greece, including taxes and surcharges, was ranked 21st among the 27 EU member states.

The cost of electricity for business consumers in Greece was below the EU average, placing Greece in 12th place. with an average price of 108 euros/MWh compared to the EU’s 117 euros/MWh in the first half of 2019.

However, Greek day-ahead market price averaged 41 euros/MWh in the first half of 2019, well over the average of 34 euros/MWh in southern and south-eastern Europe.

According to experts, the reason for this discrepancy is the fact that Greece only has a day-ahead market, forcing all electricity amounts to be channelled through this one market. In other EU member states, wholesale electricity markets also feature intra-day, forward, balancing reserve and capacity markets.