Greece: Increase in wholesale electricity price in Q1 2021

, SEE Energy News

In the first quarter of 2021, electricity consumption fell by 6 % year-on-year, to 12.39 TWh, compared to 13.18 TWh in Q1 2020.

According to data published by electricity transmission system operator ADMIE, the average wholesale price of electricity in the first quarter of 2021 amounted to 65.4 euros/MWh, which is an 8 % increase year-on-year.

However, it should be noted that these two period are hard to compare, because Greek day-ahead, intraday and balancing markets (so-called target model) has been launched on 1 November 2020, and many of the fees burdening the wholesale price of electricity were changed or even abolished.

For example, the RES fee, amounting to 3.4 euros/MWh in early 2020 has been abolished, while the market-clearing price fell to 0.72 euros/MWh from last year’s 2.11 euros/MWh.

These reductions were offset by increased wholesale prices (day-ahead and intraday prices averaged 55.17 euros/MWh in Q1 2021, compared to 50.39 euros/MWh prior to target model launch. Also, various surcharges more than doubled in Q1 2020, reaching 9.53 euros/MWh, compared to 4.78 euros/MWh in the first quarter of 2020.