Greece, The spot price of electricity falls with the growth of RES production

, SEE Energy News

Electricity prices on the Greek day-ahead market averaged €157.58 per MWh in the 44th week (October 30 to November 6), down 31% from the previous week, data showed. Greek Energy Exchange ENEX.

The strengthening of renewable energy production in the second half of the week had the effect of reducing the need for electricity imports, as well as production based on natural gas and lignite. Greek spot prices have been falling continuously in the last few weeks, following the trend in the gas markets, from 335.26 euros per MWh in the 40th week to 229.91 euros per MWh in the 43rd week.

The latest official monthly data from transmission operator IPTO showed the country’s electricity demand fell by 5.28% in September to 3.9 TWh, while monthly production fell by 13.83% to 3.45 TWh year-on-year.

On the other hand, renewable energy production increased by 9% compared to the same period in 2021, to 1.54 TWh, making it the leading source of electricity, with a 45% share in national production. They are followed by natural gas, with a 36% share in the energy mix, and lignite, with a 22% share.

In the same period, Greece imported 730 GWh of electricity, which is 11% more than the previous year.