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Electricity prices fall sharply in Greece

Wholesale electricity prices fell below 100 euros/MWh in Greece for the first time in 18 months. Electricity prices for tomorrow, Wednesday, January 18, were set at 86.77 euros/MWh in the Greek Energy Exchange, falling below the 100-euro barrier for the first time since August 2021, media report.

Market analysts attributed this development to a series of factors such as the increase of renewable sources in the energy mix – together with hydroelectric their share surpassed 61% of the total- , good weather conditions and a sharp decline in natural gas prices in global markets, currently at 55 euros/MWh.

Electricity prices fell by 35% for the second day in a row, from 204.4 euros on Monday, to 132.48 on Tuesday and 86.77 euros on Wednesday.

This price is one of the lowest in Europe, state-run news agency amna noted.

Consumers in Greece will soon know the price as electricity suppliers will announce the prices for next month in the next couple of days.

PS Ops! I almost forgot, that we pay electricity according to the prices of the previous month, i.e. December 2022… I guess, the ministry that issued the non-paper hailing the cheap power has forgotten that too.

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