Greece’s day-ahead electricity price averaged €186.57/MWh in Week 42 as net exports climbed 143.88% to 198.49 GWh. Wind and gas-fired generation both increased, allowing the country to supply domestic demand and send more power to neighbouring markets. Greece remained one of Southeast Europe’s most competitive electricity markets.
The average price rose 6.7% from the previous week but stayed well below levels in Serbia, Hungary, Romania, Bulgaria and Croatia. Greece’s discount to Bulgaria widened to €49.32/MWh, while the gap with Hungary reached €60.30/MWh. The figures are courtesy of Virtu.Energy.
Combined wind and solar generation grew 11.9% to 640.88 GWh. Wind output rose 83.5%, more than offsetting a 16.9% decline in solar generation. The higher renewable output contributed to the price advantage.
Thermal generation increased 26.14% to 437.23 GWh, driven mainly by a 26.56% rise in gas-fired output. Hydropower moved in the opposite direction, falling 33.97% to 30.22 GWh. That decrease was not enough to counter stronger wind and thermal production.
Higher output lifted exports
Net electricity exports from Greece surged 143.88% to 198.49 GWh. The country became a more significant source of supply for surrounding markets as several northern Balkan power systems were tightening. The increase in thermal output came alongside stronger renewable generation.
Greece has spent years expanding renewable generation, gas infrastructure and cross-border connections. Week 42 showed how those assets can work together commercially when weather conditions are favourable. Higher wind output lowered the effective cost of part of the country’s electricity mix, while gas-fired plants added dispatchable supply.
Together, wind and gas generation enabled Greece to meet domestic consumption and send more electricity to higher-priced neighbouring markets. The week also highlighted the continued role of gas generation in a power system with a growing renewable share. Gas prices were exceptionally high during the period, yet Greek gas-fired output still increased substantially.
Electricity-market conditions and export opportunities were sufficiently attractive to support dispatch despite the high fuel costs. For regional traders, the week reinforced Greece’s potential role as a southern supply hub connecting renewable generation, LNG-backed gas-fired capacity and Balkan electricity demand.
Transmission and storage shape investment case
For investors, the implications are more nuanced. Large additions of renewable generation can lower wholesale prices and lead to periods of merchant-price compression. In a strongly interconnected market, however, surplus renewable power can increasingly be monetised through exports rather than remaining in the domestic market.
Transmission capacity is therefore central to the investment case. Batteries are also relevant: storage can hold electricity during low-price renewable hours and release it during evening or regional peaks. This could improve the value captured by renewable projects.
Week 42 did not establish a permanent structural advantage for Greece. Weather, outages and transmission constraints can quickly reverse trade patterns. But the week demonstrated a market configuration likely to occur more often: Greece producing large volumes of wind and solar power, using flexible gas generation where needed and exporting surplus electricity to higher-priced Balkan markets.
That combination could make the Greek market increasingly influential in shaping electricity flows across Southeast Europe.
