Heatwave Pushes Greece’s Power Demand and Prices to Record Highs

Greece’s power consumption has soared to unprecedented levels on Friday, July 25, as an intense heatwave continues to grip the country, pushing demand for electricity to near-record highs.

This surge in usage, largely driven by widespread air conditioner use, comes just a day after demand peaked at 10,798 megawatts (MW) on July 24 — the highest recorded so far this summer.

According to data from the Independent Power Transmission Operator (IPTO), electricity demand today is expected to remain above the 10,000 MW mark for 5.5 consecutive hours — a duration never before experienced by Greece’s power transmission and distribution systems.

Near the 11,000 MW Threshold

Between 10:30 a.m. and 4:00 p.m., when temperatures are forecast to range between 40°C and 44°C, power demand is projected to fluctuate between 10,033 MW and 10,778 MW. The peak — 10,778 MW — is anticipated around 1:00 p.m., coming dangerously close to the critical 11,000 MW threshold.

The extended period of such high demand places significant strain on the national power grid, putting system resilience to the test amid sweltering conditions.

Soaring Wholesale Prices on the Energy Exchange

The heatwave is not only taxing infrastructure but also driving electricity prices higher. On Greece’s day-ahead market, the average wholesale electricity price for July 25 has spiked to 142.59 euros per megawatt-hour (MWh) — the highest recorded since the start of summer. This increase is expected to trickle down to consumer energy bills.

Interestingly, while temperatures are highest during the day, the most extreme price spike occurs in the evening. At 9:00 p.m., electricity prices are forecast to skyrocket to 410.50 euros /MWh, setting a new benchmark high for the season.

Source: tovima.com