Heat: high prices and record demand for electricity

Demand for electricity rose to unprecedented levels on the first day of the heat wave.

According to the forecasts of the Independent Electricity Transmission Operator (ADMIE), the dynamics of demand (grid load) during 11 pm on July 20 will exceed the barrier of 9,000 MW.

It is expected that by 13.00 peak loads on the power grid will reach record levels, reminiscent of the nightmarish summer of 2021 with high temperatures and fires in the Attica basin.

To be precise, during the specified time period (at 11 p.m., July 20), electricity consumption will jump to 9,956 MW, threateningly reaching a “red mark” of 10,000 MW. In half an hour, at 13.30, consumption will drop to 9911 MW.

The threshold of 9,000 MW is considered the limitbehind which the power system – power lines and substations of high and extra high voltage, as well as the distribution network (medium and low voltage) – experiences severe overloads.

High temperatures combined with increased power consumption overload equipment (cables, transformers, etc.). If the duration of heat and high demand for electricity lasts for a long period of time, breakdowns and eventually rolling blackouts are more likely.

According to the Hellenic Energy Exchange, for the amount of electricity that will need to be generated on the hottest day of summer, will be used:

• natural gas (42.51%),
• RES (18.94%),
• imports (from other countries) 16.73%,
• brown coal – 10.79%,
• large hydroelectric power plants – 6.5%,
• RES of Crete – approximately 4.5%.

High demand for electricity, the use of natural gas and lignite to meet the needs of consumption leads to an increase in wholesale electricity prices. As of tomorrow, 21.07, the average price on the Greek Energy Exchange will jump to 135.58 euros per MWh.

This is the highest price in two months. On May 8, the average price was 146.37 euros per MWh.

Tomorrow’s price on the energy exchange, compared to last Sunday, July 16 (101.72 euros per MWh), will increase by more than 33%. If demand for electricity continues to be high in the following heatwave days, the cost of electricity will rise to the level of 135 euros per MWh and possibly even higher, according to experts.

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