Current prices remain low, with 11 fixed tariffs and three "green" (including PPC) below 15 cents per kilowatt hour in April. Deputy Environment Minister Nikos Tsafos said there is no alarm, as wholesale prices are lower than last year. The Gulf truce, low gas prices, increased hydroelectric production and RES contribute. A positive development is the restart of oil production in Prino in February, aiming at 1,500 barrels daily from certified reserves of 40 million barrels.
Analyticalally:
At present, the prices of electricity in retail and wholesale are not causing alarm in our country. Under the 15 cents limit per kilowatt-hour, which is the level at which the subsidies for the period 2022 – 2032 were targeted are 11 fixed ("blue") invoices in April, but also three "green" (among those of PPC), according to the Regulatory Authority's data and retail market mapping tool energycost.gr.
Thus, as is apparent from the relevant positions of Deputy Minister of Environment and Energy Nikos Tsafos is not currently being alarmed. For electricity prices, which at wholesale level are lower than last year.
Market sources express cautious optimism about price developments, after the Gulf truce agreement, while noting that damage to energy infrastructure during of hostilities cannot be restored directly, and that after the truce there should also be a permanent agreement in the Gulf region.
The same sources state that the main causes for the relative retention of current prices are as follows:
- The lowest – compared to the international prices of liquid fuels – increases in international gas prices ranging from 40 to 50 euros per megawatt hour in early April to the level that they were in the winter season 2024-2025, while during the energy crisis in 2022 they had reached up to 250 euros.
- Increased hydroelectric participation in the energy mix due to favourable conditions (waterfalls, snowfalls) in winter.
- The addition of units RES production potential leading to further price restraint.
At retail level, the market restraint when establishing the April tariffs.
Restart oil production in Prinos
The increase in international prices of crude in the previous period, however, also had a positive effect on the country: the revitalisation of the exploitation of Prinos' deposits which, after a break of about 9 months, ξεκίνησε και πάλι τον Φεβρουάριο. Η παραγωγή της Energean από τα κοιτάσματα Πρίνος, Β.Πρίνος και Έψιλον κινείται στο επίπεδο των 1000 βαρελιών ημερησίως, και στόχος είναι να αυξηθεί στα 1500. Τα βέβαιωμένα αποθέματα στην περιοχή είναι 40 εκατ. βαρέλια, η άντληση των οποίων αντιμετωπίζει πάντως την πρόκληση του αυξημένου ενεργειακού κόστους.
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Source: ΑΠΕ-ΜΠΕ
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