Particularly high prices were observed over the weekend in the wholesale electricity sector in Greece, although corresponding prices in Hungary and other countries in the region fell significantly.
It is worth noting that electricity prices during the weekend are generally lower than during the week. But this time last week we saw prices ranging between 100 and 190 euros per megawatt hour during the week, while on Saturday they were at 152 and on Sunday at 139 euros on the energy exchange.
PEN Minister T. Skylakakis stated a few days ago that the aggravation is caused not only by the heat that increases demand, but also by external factors such as problems in Hungary and a temporary shortage of produced volumes from the Kozloduy nuclear power plant in Bulgaria. These phenomena caused a domino effect from one market to another, necessarily raising prices in all surrounding countries. He believed that this negative phenomenon would not last more than a few days.
However, on Sunday, Hungary was at 103 euros, from 250+ observed during the week, meaning there was a strong temporary calm. In contrast, Romania and Bulgaria were at 118 euros, and Greece at 139, placing them in the first place among the most expensive EU countries.
The price for this Monday on the Greek stock exchange was 191 euros, with a similar price in Bulgaria. In Romania it is 207 euros and in Hungary 201 euros, so it seems that the problem is ongoing for the time being.
The large gap between the maximum and minimum price of the day, which can reach up to 500 euros, is now a daily phenomenon. Local market participants attribute the large price increases from 8 to 10 p.m. to the increased participation of lignite and natural gas units, during which time there is no production of photovoltaic cells amid high consumer demand. They argue that this is normal in a market with many renewable energy sources that can push prices to near zero for an hour and then disappear, leaving the gap filled by much more expensive conventional units.
It remains to be seen whether there will be a decline in wholesale prices this week, otherwise consumers will face negative surprises on August tariffs.
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