The average price of electricity increased by 33.8% compared to August 12 and reached 146 euros/MWh

The average price of electricity on the domestic wholesale market reached 145.93 euros/MWh on Tuesday, August 13, which is almost 80% higher than the lowest figure of 83.79 euros/MWh, but almost 2.5 times lower than the highest – 353.23 euros/MWh.

The average price on 13 August increased by 33.8% compared to Monday 12 August, which was 109.07 EUR/MWh. However, yesterday's price increased by 54.94% compared to Sunday's – 70.4 euros/MWh. In other words, In two days, the wholesale price has more than doubled, which will undoubtedly have an impact not only on the average price in August, but also on the dynamics of retail prices.

It should be noted that so far in August, the Greek wholesale market is among the three most expensive in Europe, along with the markets of Malta and Albania. As for the structure of electricity production, renewable energy continues to lead with 45.14%, compared to 53.38% on Monday. In second place is natural gas with an increased share of 35.83%, followed by imports with 9.22% and hydropower with 6.02%.

At the same time Natural gas prices on the European market are stable. In particular, during yesterday's “episodic” session on the TTF exchange The price of September contracts for delivery started at 39.66 euros/MWh, reached 42.73 euros/MWh and finally closed at 39.8 euros/MWh, recording a decline of 1.46%.

Likewise Prices for October contracts were 40.62 euros/MWh, for November contracts – 42.73 euros/MWh, and for December contracts – 43.45 euros/MWh. However, this picture of stability is considered temporary, since the overall data at both the energy and geopolitical levels foretell a “flammable” period in the near future.

On the one hand, there is the explosive situation in the Middle East, where the threatening clouds of the Israeli-Iranian conflict darken the horizon, and on the other hand, there are ongoing military conflicts on the Russian-Ukrainian front. That is why most analysts, especially in light of the imminent cessation of Russian gas supplies via Ukraine, predict that prices will exceed 50 euros/MWh in the autumn, not ruling out further growth in the first months of the new year.

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