Greece: Slight increase in wholesale electricity prices

, SEE Energy News

Electricity prices have slightly increased since the successful launch of the day-ahead, intraday and balancing markets on 1 November with 45 participants in the transactions.

The increase may be the result of a lack of confidence felt by participants as they adjust to new market ways. Also, due to lower temperatures, several high-cost lignite-powered power plants relaunched production in order to provide district heating services.

The intraday market launch was smooth. Prices ended at levels set by the day-ahead market as corrections were not made. As for the balancing market, a brand new tool for the entire system, price levels ended as anticipated, at levels set during dry-run testing in the lead-up to the target model’s launch.

The launch of energy exchange, the so-called target model, is the Greek electricity market’s most significant reform, which will enable market coupling with neighboring European markets, a move expected to increase energy security, offer consumers greater financial benefits through crossborder competition, allow competitive pricing in the wholesale market, facilitate further RES penetration and accelerate greenhouse gas emission reductions and the overall decarbonization effort.