Electricity prices in Greece continue to climb, sparking concern among households and businesses already struggling with high energy costs. According to data from the Day Ahead Market, the average wholesale electricity price from October 1 to 27 reached €112.25 per megawatt-hour (MWh) — a 26% increase compared to September and a 52% surge from August levels.
Experts attribute the latest price hikes largely to weather conditions. Widespread calm across northern, central, and southeastern Europe limited wind generation, forcing Greece and other interconnected markets to rely more heavily on natural gas-fired power plants, which are significantly more expensive to operate.
Impact on Households and Retail Tariffs
The October increases have also affected retail electricity tariffs, with most independent providers raising rates on their “green” and “yellow” variable plans. However, Greece’s main electricity provider, PPC (Public Power Corporation), along with Protergia, reportedly absorbed the rise in wholesale costs, sparing their customers from major hikes.
Meanwhile, growing numbers of consumers are turning to “blue” fixed-rate tariffs, which lock in prices for 12 months and protect against market volatility. As of July, over 1.3 million households — about 22% of all residential accounts — had opted for these fixed-rate contracts, up from 867,000 at the start of the year.
In mid-November, a new category of tariff, known as “red tariffs,” is expected to launch. These plans will set a predefined price range, offering consumers another option for predictable energy costs over a one-year period.
Source: tovima.com
