Power rates set to drop in November
A significant decline in electricity prices is expected as of November, according to market estimates, following the reduction of both electricity prices on the energy exchange and international natural gas prices.
These are the nominal prices which – according to the legislation – are announced by the suppliers every month. The final charge to consumers depends on the size of the subsidy that will be handed out by the government.
However, the lower each supplier’s nominal price, the lower consumers’ final bills will be. Furthermore, the reduction in nominal prices means that a smaller subsidy will be needed to keep final prices at tolerable levels.
The average price of electricity on the Greek Stock Exchange for October until Wednesday was 263.86 euros per megawatt hour. In comparison, in September it was €416.87/MWh euros and in August €436.53/MWh.
The de-escalation is attributed, on the one hand, to the increased participation of renewable energy sources in the mix and, on the other, to the reduction of natural gas prices.
Natural gas on the Dutch Stock Exchange closed at €112.15/MWh in the wake of the European Commission’s proposals to control the price of fuel. At the peak of the crisis in August, it had reached almost €350/MWh.
