Greece records the lowest spot price in the last 17 months

, SEE Energy News

In the third week of January, the Greek spot market, for the first time in the last four weeks, was not the most expensive in the region. The average wholesale price of electricity was 130.3 euros per MWh, which is about 37 percent less compared to the second week in January.

The average Greek spot price for delivery on Wednesday, January 18, was €86.8 per MWh – falling below the €100 threshold for the first time in 17 months. This was influenced by the increase in production from renewable sources, whose share in the energy mix, together with hydroelectric power plants, exceeded 61%, as well as favorable weather conditions and a sharp drop in natural gas prices on the global market.

Wholesale electricity prices were 204.4 euros per MWh on Monday, 132.5 euros per MWh on Tuesday, 86.8 on Wednesday and 58.5 euros per MWh on Thursday. It was one of the lowest spot prices in Europe, considering that in most countries they crossed the threshold of 130 euros per MWh on Thursday.

The Hellenic Wind Energy Association (HVEA) states that on Wednesday, January 18, Greece was the leading country in Europe in terms of the share of electricity production from onshore wind energy, and that these wind farms provided 55 percent of the electricity energy produced in the country that day.

Significant production of wind power plants was also recorded in the following days, which enabled the average wholesale price of electricity to drop to 58.5 euros per MWh on January 18.

On that day, also, the wholesale price of electricity in half of the interval, i.e. during 12 hours, was below 10 euros per MWh. During three hours that day, the price of electricity hovered around zero.

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