Electricity rates refuse to decline

The energy crisis may be a thing of the past, but the Greek wholesale electricity market remains one of the most expensive in Europe, with the average price being the fourth highest in the European Union in both 2023 and the first quarter of 2024. 

Last year, the average price per megawatt-hour in the Greek market amounted to 119.11 euros, when prices in the EU averaged at €98.39. In the first quarter of 2024, the average price of a MWh dropped to €73.20, one of the highest rates in the bloc. 

However, any de-escalation of prices in the wholesale market is not reflected in retail. 

While wholesale electricity rates fell in March to €67.5/MWh, from €73.61/MWh in February, April’s green tariffs, on which more than 75% of consumers are, remained at March levels, with one marginal average increase to 10.8 cents per kilowatt-hour, from 10.5 cents/kWh in March.