The wholesale price of electricity in Greece increased by another 29% and reached 362.22 EUR/MWh

The shocking increase in electricity prices in Greece, when in just one day the cost of electricity jumped by 29%, bringing the wholesale price on the Energy Exchange to 362.22 euros per megawatt-hour due to the war in Ukraine and sanctions against Russia.

The wholesale price on the Hellenic Energy Exchange on March 4 was 362.22 euros/MWh, up 29% from the day before, and the maximum price reaches 446.52 euros.

This is the second highest Greek Stock Exchange price ever after December 22, when it was set at €415.94 per MWh.

Electricity prices from tomorrow will be significantly higher both in Greece and throughout Europe.

Natural gas power plants now cover 53.7% of demand, while the share of renewable sources (16.3%), hydropower (4.3%) and imports (5.5%) is reduced due to winter conditions.

Energy export to Greece today is about 26 gigawatt-hours).

Despite the increase, the price on the Greek stock exchange is one of the lowest in Europe, according to the state news agency amna.

At the same time, the Greek market is the 6th cheapest in Europe after Poland, Portugal, Spain, the Netherlands and Germany. The most expensive countries are the UK (average price €434.28/MWh), Switzerland (€388.05) and Serbia (€385.89).

According to Skai TV, the shocking new price increase will hit Greek consumers towards the end of the month or early April.

The Greek government again announced a €40 subsidy for businesses and households in March.

However, there are doubts and additional subsidies are reportedly being considered, although the government believes that 40 euros is … nothing.

Small businesses have been hit particularly hard, as have households who turned to electric heating after realizing in December and January they couldn’t afford natural gas heating.

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