Electric power

Despite the drop in its wholesale rates of electricity, by 8% on a daily basis, the Greek power market remained the most expensive in Europe for the second day in a row on Monday.

The average price per megawatt-hour stood at 133.98 euros compared to €146.16/MWh on Sunday. Over the past seven days, the average price of a megawatt-hour in the Greek market fell to an 81-week low.

European Union countries will have to protect vulnerable consumers from being cut off by electricity suppliers if they cannot pay their bills, according to draft EU rules due to be published on Tuesday.

Britain has been gripped by very cold weather and the power system is struggling due to high demand.

The price of wholesale electricity will drop to 58.44 euros per megawatt-hour on Thursday at the Hellenic Energy Exchange, it was reported on Wednesday.

This rate is 33% lower than Wednesday's set rate, a continuous reduction since wholesale electricity prices dropped 75% last Saturday, that is from €233.81/MWh to €58.55/MWh.

Wholesale electricity prices have fallen below 100 euros per megawatt-hour in Greece for the first time in nearly 18 months.

The electricity rate for Wednesday has been set at €86.77/MWh in the Greek Energy Exchange, falling below the €100 barrier for the first time since August 2021.

Electricity generated from renewable energy sources on Cyprus could eventually make up as much as half of all power conveyed to other countries through an electricity cable linking the island nation's power grids to Israel and Greece, the Cypriot energy minister said Tuesday.

The first generation of wind turbines, installed starting in the mid-1990s, is rapidly reaching the end of its lifetime and some are overdue for a replacement. It is estimated that about 775 wind turbines will have to be replaced by 2030.

After capping electricity and gas prices for the benefit of households, protected consumers and public institutions, the government has now imposed a price cap on electricity supplied to micro, small and medium-sized companies.

Under a regulation adopted by the government on 30 December, the cap will be in force for six months starting from 1 January.

Swedish electric car battery specialist Northvolt could postpone building a factory in northern Germany due to the energy crisis and enticing subsidies in the United States, its boss said Saturday.    

The project "could be postponed", Peter Carlsson told German daily Frankfurter Allgemeinen Zeitung.    

Greece consumes mainly oil