Greece: In Q3 2020 wholesale electricity prices above EU average, SEE Energy News
In the third quarter of 2020 wholesale electricity prices in Greece were three times over the European average of 16 euros/MWh. According to the European Commission’s report, average electricity prices rebounded at a slower pace in southeastern Europe, compared to other regions, before reaching pre-pandemic levels in September as a result of weak demand and high production of wind energy and hydropower facilities. The average price in the third quarter rose by 43 % compared to the previous quarter to 43 euros/MWh, which is 30 % lower year-on-year. European price shifts in August moved in coordination, while the price gap between Greece and the European average narrowed significantly in the third quarter as a result of the use of lignite-fired units and weak demand. This gap vanished in September as a result of stronger wind energy output, which exceeded 1 TWh for the first time. As a result, prices in the region were between 46 and 47 euros/MWh in September.
As for energy-mix developments, coal-based production in Greece experienced a decreased share, captured by natural gas-fired output.
In southeastern Europe, coal-based output share dropped to 29 % in the third quarter of 2020 from 35 % in the same period a year earlier. On the other hand, gas-fired production share rose to 20 % from 18 %, while the share of renewable energy in the mix increased to 34 % from 30 % a year earlier.