Greece electricity wholesale prices surge 68% in one week

Wholesale electricity prices in Greece have surged by 68% in a single week, rising from 96.9 euro/MWh to 162.7 euro/MWh. This spike is attributed to a combination of factors, including a heatwave driving increased demand, water scarcity, low wind power production, rising natural gas prices, and ongoing geopolitical tensions.

Natural gas prices have also increased by 6.7% over the past week, reaching approximately 65 euro/MWh. This trend is reflected across broader European markets, with prices rising in Germany-Luxembourg, the Netherlands, Belgium, France, and Spain.

In response to domestic market issues, the government is implementing changes to the Supply Code to combat ‘energy tourism.’ This practice involves consumers switching electricity providers while leaving unpaid bills with their previous supplier. Under the new regulations, providers will flag customers with overdue debts to HEDNO; after a third notification, the consumer will be barred from changing suppliers until all debts are settled or a repayment plan is established.