Southern Europe’s power rates up to five times higher
Electricity prices in Southern Europe are up to five times higher than those in Scandinavian countries and nearly double compared to Central and Western Europe, according to an analysis by Eurelectric, the European electricity industry association.
Eurelectric attributes the large price disparities to a reduction in cross-border energy flows.
The Greek government shares this view and has raised the issue with the EU. Prime Minister Kyriakos Mitsotakis announced during the Thessaloniki International Fair (TIF) that a letter addressing the matter was sent to European Commission President Ursula von der Leyen on Friday.
Environment and Energy Minister Thodoros Skylakakis also revealed that, along with his counterparts from Bulgaria and Romania, he is spearheading an initiative to establish a permanent mechanism to intervene whenever extreme prices arise due to Southeastern Europe’s disconnection from the broader European energy market.
According to Eurelectric’s analysis, electricity prices had neared pre-crisis levels by April. However, they surged over the summer due to increased demand, rising natural gas prices, and reduced cross-border energy flows.
Wholesale electricity prices in Greece followed a similar trend, reaching 98.89 euros per megawatt-hour in June, €135.18/MWh in July and €129.83/MWh in August.
