Electricity market

The majority of Greek power providers announced late on Monday significantly lower rates for April, following the easing of prices in the Greek energy exchange and in international markets.

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.

The European Commission is set to propose a revamp of Europe's electricity market rules on Tuesday, aimed at expanding the use of fixed-price power contracts to shield consumers from severe price spikes like those experienced last year.

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.

Public Power Corporation (PPC) expects its EBITDA to jump by 30% annually after the acquisition of Enel Romania, since the latter has a leading position in the Romanian electricity market.

The European Union has drafted plans to nudge countries towards using more long-term, fixed-price electricity contracts, as part of a reform of Europe's power market designed to shield consumers from price spikes.

Greece remained among the most expensive wholesale electricity markets in Europe in 2022, a year when the average price of electricity increased by 141% compared to 2021.

In the same year, the cost of natural gas imports more than doubled compared to 2021, while it almost quintupled compared to 2018.

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.

The government will compensate companies electricity and natural gas providers for having to sell the energy at capped prices. The measure is worth between 340 and 350 million euro at the annual level.