Electricity

Wholesale electricity prices in Greece would be 36 percent higher without renewables

Renewables lowered wholesale electricity prices in Greece by 26 percent

Photo: JosepMonter from Pixabay

Published

February 14, 2022

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Published:

February 14, 2022

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The day-ahead price on Greece’s national Hellenic Energy Exchange market would have been 36 percent higher on average in December without renewable energy power plants.

Without the production of wind farms and solar power plants, the average wholesale price in December would have reached EUR 319.18 per MWh compared to the actual EUR 235.38, Energypress reported. The media outlet added Minister of the Environment and Energy of Greece Kostas Skrekas highlighted the finding in Amiens, France, during last month’s informal meeting of environment and energy ministers of European Union member states under the Council of the European Union.

Srekas used data from a study prepared by Aristotle University to highlight the contribution of renewables in easing the spike in electricity prices. It showed a difference of a stunning EUR 83.8 per MWh or 35.6%.

The record daily average price was EUR 415.94 but without wind and solar it would have reached EUR 451.11 per MWh

Production from wind and solar production also positively kept both the lowest and highest average daily prices in check.

By analyzing the trade on the power exchange, the authors concluded that the record average daily price, which came in at EUR 416 per MWh on December 22, would have reached EUR 451. The lowest level was EUR 117, but without renewables it wouldn’t land under EUR 243 per MWh, the report said.

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