Households and businesses in Greece are reportedly facing significant “jolts” from their coming electricity bills, following a surge in the next-day wholesale prices in the country and throughout Europe.
By some estimates, power bills this season may see hikes of up to 50 percent, touching record high rates of 100 euros per megawatt.
As previously and extensively reported, the increase in natural gas prices in tandem with a hike in prices for carbon emission futures are the main culprits. In terms of the former, natgas prices have caused the price of a megawatt produced from this fossil fuel to skyrocket from 25 euros to 48 euros.
In a bid to paint a more optimistic “face” in the electricity market in Greece, relevant minister Costis Hatzidakis on Tuesday pointed to continuing phase-outs of lignite-fired units as reducing future power rates.
In Greece’s case, heat waves over the past summer also caused a surge in demand.
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