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Electricity wholesale price in Greece up 29%, reaches €362.22/MWh

Shock and awe for the electricity prices in Greece that jumped by 29% within 24 hours and brought the wholesale price at the pre-day market of the Energy Exchange at 362,22 euros per megawatt hour with the war in Ukraine and the sanctions against Russia to play a significant role.

The wholesale price in the pre-day market of the Energy Exchange is tomorrow (4/3) at €362.22/MWh an increase by 29% compared to today while the maximum price reaches €446.52 euros.

This is the second highest price historically on the Greek Stock Exchange, after December 22, when it was set at 415.94 euros per megawatt hour.

Electricity prices are significantly higher as of tomorrow both in Greece and across Europe.

Natural gas units cover 53.7% of demand tomorrow, while the share of Renewable Sources (16.3%), Hydroelectric (4.3%) and Imports (5.5%) is reduced.

Energy exports are also important (close to 26 gigawatt hours).

Despite the increase, the price on the Greek Stock Exchange is among the lowest in Europe, reports state news agency amna.

It noes that the Greek market is the 6th cheapest in Europe after Poland, Portugal, Spain, the Netherlands and Germany. The most expensive countries are Great Britain (average price at €434.28/MWh), Switzerland (€388.05) and Serbia (€385.89).

According to Skai TV, the new shocking price increase will reach consumers toward end of the month or beginning of April.

The Greek government announced again to subsidize businesses and households with 40 euro per bill in the month of March.

However, there are second thoughts and additional subsidies are reportedly under consideration as although the government thinks that 40 euros is …peanuts.

Especially small businesses have come under immense pressure and so have households that turned to electric devices for heating after they realized in December and January that they cannot afford heating with natural gas.

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3 comments

  1. Yes, any excuse to increase prices

  2. So the sanctions are hurting us TOO then, and the war will continue to its conclusion regardless.

    I am just glad our EU politicians who pay no taxes, have their living expenses subsidized by us, so that we can have voices heard and hurt the Russians where it supposedly hurts.

  3. Well, now that Greece has taken a stance against Russia following the rest of NATO and the EU, we can expect energy prices literally exploding. The people who are taking decisions that have an impact on the lives of the people never suffer from the consequences of their policies. In a democratic system, the citizens need to have a say in the conduct of their government for all important decisions, the right to vote for representatives once in a while is far from being enough.