As energy rates break one record after another and the local power market faces the prospect of a systemic danger, Greece has submitted a plan to the eurozone for the creation of a European Union-wide mechanism to tackle the rise in energy costs.
Natural gas rates have increased 121.4% on a monthly basis, while wholesale power rates jumped 17% overnight.
The electricity market is staring at a systemic risk, as the first worrying signs from the constant pressure on the high wholesale rates have already started showing. In the last couple of months there has been an increase in suppliers’ expired debts to the operators of the grid and power transmission (ADMIE and DEDDIE) as well as to the Renewable Energy Sources Operator (DAPEEP).
This is generating serious concern, not only among the competent authorities, but also in the market as a whole, as there is no sign on the horizon of any price declines. This means the situation could pose a threat to the entire sector as the crisis deepens.