Greece: Drop in gas prices – larger Gas-fired electricity production

Gas-fired power plants operated by independent producers are now working non-stop, not just during peak hours, as had previously been the case. Offers by these units are now very competitively priced and cover over 30 % of total consumption, thus lowering Greek wholesale prices. A significant drop in gas prices, especially liquefied natural gas (LNG), spurred Greek electricity production at gas-fired thermal power plants.
In addition, due to lower wholesale electricity prices in neighboring markets, electricity imports from Bulgaria, Italy, North Macedonia and Turkey have risen to represent just under 30 % of the country’s total consumption. Demand for an even greater level of imports during certain time periods has not been met as a result of infrastructure capacity limits.
Renewable energy generation, also making considerable contributions to the country’s needs, has exceeded 30 % of total consumption in certain periods.
On the other hand, electricity production of Public Power Corporation (PPC) is covering smaller amounts of daily electricity consumption. Its contribution, currently slightly over 10 %, primarily originates from its lignite-fired thermal power plants.