Eurelectric attributes the large price differences to the reduction of cross-border energy flows, a conclusion also reached by the Greek government, which has already raised the issue in the EU: Prime Minister Mr. Kyriakos Mitsotakis already announced the relevant letter to the President from the stage of the TIF of the European Commission, Ms. Ursula von der Leyen, delivered on Friday, while the Minister of Environment and Energy, Thodoros Skylakakis, stated that together with the Ministers of Energy of Bulgaria and Romania, he is taking the initiative to create a permanent intervention mechanism, whenever extreme prices are recorded, due to the cut-off of Southeast Europe from the rest of the European energy market.
According to Eurelectric’s analysis, while by April prices were close to pre-crisis levels, during the summer they shot up due to increased summer demand, rising natural gas prices and lower cross-border flows. The latter also caused the large differences in prices between EU countries which are as follows:
1. Scandinavian countries on average below 20 Euro/MWh,
2. Central and Western Europe between 60-80 Euro/MWh, and
3. Southern and Eastern Europe above 100 Euro/MWh.
The wholesale prices in the Greek market also moved at corresponding levels (June: 98.89 Euro/MWh, July: 135.18 Euro/MWh, August: 129.83 Euro/MWh).
“Falling cross-border flows from France – Europe’s top exporter – partly explain the price difference. France cut electricity exports after the French operator announced it would limit cross-border exchanges due to problems with the grid and power flows. Events like these underline once again the importance of the EU’s internal electricity market. EU countries need to be better interconnected and ensure the integration of the EU energy market,” Eurelectric reports.
For his part, speaking at an event at the TIF, Mr. Skylakakis stated that the lack of electrical interconnections between Western Europe and Central-Eastern Europe, as well as some algorithms that prevent the interconnections from functioning rationally, have as a result, endemically, periods, to register in our area an irrational price structure.
“The solution is not greater investments in production capacity, but the development of interconnections, as the Greek Minister underlined. It makes no sense to give money to producers, when they need interconnection investments (cables) that should be made by network operators. Especially when the managers take the investment money from the consumers themselves. Until then, Greece’s effort to highlight the issue in Europe, in order to create an intervention mechanism in case of market distortion and dysfunction, which has endemic characteristics, already finds allies, countries such as Bulgaria and Romania, which face the same or even bigger problem”.
Therefore, the government’s proposal to the EU focuses on the transfer of resources from the market that currently end up in the producers to the Network Operators to upgrade the interconnections that will allow the treatment of distortions and the operation of the single market which – as can be seen from the large price differences between countries – today there is none. At the same time, the proposal made again in the summer by the Greek Minister of Foreign Affairs, to allow greater flexibility for the intervention of the member countries in the energy markets, as the conditions set by the current Directive in practice make its implementation impossible.
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#times #electricity #prices #European #South
