The European reference price of natural gas fell on Thursday, January 12, to 65 euros per MWh. At the end of the day, the price was concluded at 66.8 euros per MWh. These levels, last recorded before the beginning of the Russian attack on Ukraine, are due to reduced demand for gas, relatively warm weather and high production of renewable energy sources.
The drop in natural gas prices had an effect on the stabilization of wholesale electricity prices in Europe, to below EUR 100 per MWh on Friday, January 13.
On Friday, Germany recorded a price of 66.6 euros per MWh, France 78.8 euros per MWh, and Belgium 78 euros per MWh. In Spain and Portugal, the price dropped to 88.5 euros per MWh.
In Greece, which applies a formula for the wholesale price of electricity based on the average price of natural gas in the previous month, the price remained the highest in Europe – 211.7 euros per MWh. Followed by Italy, with 195.32 euros per MWh, Malta, with 195 euros per MWh, and Bulgaria and Romania, with 193.6 euros per MWh.
Greece records the highest average January wholesale electricity price in Europe in the first 13 days of 2023. Currently, the average Greek price is 220.3 euros per MW. Italy follows, with 179 euros per MWh on average.
However, this is down from the €277 per MWh average recorded in December 2022.
Lower wholesale prices are yet to be reflected in retail prices in Greece, which suppliers announce on the 20th of the current month for the following month, in line with the new market rule.