Putin’s “switch” shows electricity prices ignition signal | News about the Economy

Putin’s “switch” shows electricity prices ignition signal | News about the Economy
Putin’s “switch” shows electricity prices ignition signal | News about the Economy

Natural gas, renewable energies and electricity imports make up the electricity energy mix for today, September 3, with the wholesale prices to present another drop of 24% to 409.18 euros per megawatt hour for the fourth consecutive day.

However Greece along with Italy, France and Malta are of the most expensive markets in the EU with the prices being above the 400 euros/MW and the imports to our country even exceed the participation of lignite (16.45% against 16.20% of fossil fuel).

This picture is predicted to show a rapid change soon. Last night, her Russian Colossus Gazprom announced that the Nord Stream1 pipeline will not be put into normal operation today as planned, due to a technical problem (oil leakage in the turbine). The extent of the damage is unknown, as well as the recovery time, as is whether it is a real technical obstacle and not some ploy by the Kremlin to blackmail the Europeans again as implied by Siemens.

Since yesterday, Moscow has been reacting on G7 plans to impose a ceiling on oil and correspondingly to the natural gas pipelines that the EU is preparing to lay, threatening to freeze sales for any countries that adopt similar measures.

If Nord Strem1 does not immediately allow natural gas to flow to Europe, then prices will continue to rise in the next few days and a new cold shower awaits the Europeans, at a time when prices were decelerating. In relation to the record levels recorded at the end of August and which reached 700 euros/MW, the reduction reaches 300 euros, redeeming the good image of the filling of natural gas reserves in European warehouses but also the intention of the Commission for substantial intervention in the market .

The volatile international price environment has serious impact on government policy as well which is called upon to outline the measures to support society that the Prime Minister will announce at the TIF in one week.

For Greece these days another thorn is added to the table discounting a rise in prices and which is connected by repairing the damage to the underground cable, with which our country connects with Italy.

The interruption took place on August 12. Initial estimates were for restoration within August, but the schedule was moved to September 3, with the result that the net transport capacity (NTC) of the Greece-Italy connection is now set at zero for both directions.

This breakdown acted as a balm in the previous weeks when the whole EU was burning from the rally of wholesale prices, otherwise our country would have been dragged into the party of precision since this cable is the main electrical interconnection with the markets of Western and Central Europe . The reopening of the cable will allow exports of 500 MW to Italy which remains the most expensive EU market due to gas shortages, pushing prices up in Greece as well.

Today in our country, the price of electricity is 409 euros, with the maximum at 592 euros/MWh and the minimum at 258 euros/MWh.

Prices in Germany fell by 30% to 288 euros per megawatt hour in Germany, to 361 euros in Bulgaria, with a drop of 21% to 417 euros in France. down 19.4% and €476 in Italy 9.2% lower.

In relation to the electricity generation mix, 32.8% comes from gas, 22.2% from RES, 16.4% imports, 16.2% lignite, and 5% hydroelectric.

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The article is in Greek

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