Green electricity rates will remain stable for another month, with the average charge for eight out of ten households, while the share of the three largest providers “hovers” just below 15 lepta, as the surplus production from renewable energy sources—which accounts for 40%–50% of the daily energy mix—has curtailed natural gas-fired power plants.
Beyond that, the mini-“heat wave” in wholesale prices that kicked off July is keeping providers on high alert, as rising temperatures have driven up demand and caused a spike on the Energy Exchange.
Taking a closer look at the first few days of what is traditionally the most challenging summer month, the average wholesale price currently stands at 145.5 euros/ megawatt-hour, with Greece ranking as the second most expensive market in Europe alongside Bulgaria and behind Romania, while the peak evening price has hit 302 euros—and just the day before yesterday it had skyrocketed to 519 euros/MWh.
Although it is too early for predictions or references to the “scorching” summer of 2024, it is significant that with the first sharp rise in temperatures, a scenario of extreme intraday fluctuations is once again taking shape.
As for green electricity bills for July—the second and “most dangerous” month of summer—the month began with no change in electricity prices for nearly all households.
This means that the overwhelming majority of consumers with green-colored bills will continue for another month to pay an average of less than 15 cents per kilowatt-hour, as the surge in photovoltaic production, combined with consumption levels that remain low for this time of year, kept the average wholesale price for June at nearly the same level: 93 euros per megawatt-hour. This represents a 4.5% increase from the corresponding figure in May (89 euros).
In the case of DEH (G1), the rate remains the lowest on the market, as the charge for the first consumption tier (200 kilowatt-hours) remains at 13.8 cents, while if consumption exceeds these levels, it remains at 15.39 cents.
Both Protergia, at 15.9 lepta (Protergia Residential Value Special), and Heron, at 14.76 lepta (Heron Basic Home), have kept their rates unchanged.
In the case of Enerwave, which now has very little exposure to green tariffs, the company continues to charge 15.9 cents for the first 100 kilowatt-hours, while for consumption of 101 kWh and above, it adjusts the rate by 5% to 22.66 euros.
Green tariffs from NRG (19.9 cents), Zenith (19.9 cents), and Natural Gas (18.87 cents) remained stable, while Volton’s rate increased by 6% (19.7 cents).
In summary, the overall market average for July stands at 17.7 lepta (compared to an average of 17.4 lepta in May).
Regarding the first indications of wholesale prices for July, natural gas entered the market strongly, a result of the heat wave, low winds that reduce wind turbine output, and exports to neighboring countries, where temperatures, demand, and energy markets are higher than in Greece.
This picture is reflected in today’s energy mix, where natural gas accounts for over 39%, compared to 41% for renewables, 6.5% for hydropower, and 5.5% for lignite. Yesterday, conditions were even more challenging in our region, where Greece was “trading” at 169 euros/megawatt-hour, Bulgaria at 170.25 euros, Romania had surpassed 226 euros, and Hungary had exceeded 235 euros, setting record highs across Europe, with prices in the 38s and 40s leading the way.