EC’s quarterly report on wholesale electricity prices, Greece-Bulgaria at the two ends

EC’s quarterly report on wholesale electricity prices, Greece-Bulgaria at the two ends

The latest quarterly report prepared by the Market Observatory for Energy of the European Commission has showed that Greece (56 €/MWh) had southeastern Europe’s (SEE) highest Q2 wholesale electricity prices while Bulgaria stands at the other end with the lowest quarterly wholesale averages (34 €/MWh).

The report reads that it “aims at enhancing public access to information about prices of electricity in the Members States of the European Union.”

The majority of the European markets and the ones of South-Eastern Europe (SEE) region saw an increase in wholesale electricity prices in the second quarter of 2018.

In June 2018 Bulgarian prices decoupled from the other regional peers and showed a significant discount to Croatia and Serbia. These lower electricity prices might have been related to increasing nucelar power generation in Bulgaria, as beside domestic lignite-fired generation and hydro sources in the country nuclear can also ensure base load electricity production with low generation costs. Low electricity prices resulted in increasing Bulgarian exports to the neighbouring countries, mainly to Greece, Serbia and to the Former Yugoslav Republic of Macedonia.

On the other hand, electricity prices in Greece showed a modest increase, owing to increasing seasonal demand at the beginning of the summer, decreasing hydro generation and increasing gas-fired generation, resulting in higher electricity generation costs. Wind and solar electricity generation did not show big changes in Greece in Q2 2018, ensuring around one fourth of the domestic generation…. / IBNA