SEE Region, Strong wind production and falling gas prices are pushing spot prices down to 80 euros per MWh

, SEE Energy News

Wind energy production in Greece reached 68.9 GWh and had a 52.3 percent share of the country’s total electricity production on Tuesday, January 17. This contributed to the spot price for delivery the following day falling by 35 percent – to 86.77 euros per MWh. The Greek spot price has more than halved in the past three days, from 204.4 euros per MWh, which was achieved on Monday.

A similar situation was observed throughout the region. The lowest prices for delivery on Wednesday were achieved in Romania and Bulgaria – 80.39 euros per MWh, which is 33 percent less than on Tuesday. In the previous five days, the price on these two markets varied significantly. Between Saturday and Sunday, a drop of as much as 95 euros per MWh was recorded.

In the rest of the region, spot prices were slightly higher on Wednesday – 108.63 euros per MWh in Croatia (-23 percent compared to Tuesday), 128.48 euros per MWh in Serbia (-2 percent compared to Tuesday), 141, 48 euros per MWh in Hungary (same as Tuesday) and 151.58 euros per MWh in Slovenia (+5 percent).

Romania also recorded strong wind production on Tuesday – 43.3 GWh, with a 26.3 percent share in total electricity production. This allowed Romania to export electricity to Hungary and Bulgaria, and data from the Bulgarian IBEX shows that part of this electricity goes to Greece.

According to forecast, Romanian wind turbines are expected to produce a capacity of around 2,500 MW per hour by Friday, which is why spot prices in the country should remain low.

Wind energy production on Tuesday was 12.4 GWh in Croatia (22.8 percent share), 7 GWh in Serbia (7 percent share) and 5.7 GWh in Bulgaria (5.4 percent share).

The lowest spot electricity prices in Europe on Wednesday were again recorded in Spain and Portugal – 21.6 euros per MWh, while the most expensive market was Ireland, with 157.72 euros per MWh.

The drop in spot prices in Europe, in addition to strong wind production on the Iberian Peninsula, Denmark, Greece and Germany, was also influenced by the drop in gas prices at the Dutch TTF hub, which reached the level achieved in the fall of 2021 – 55 euros per MWh.

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