The Greek Ministry of Energy and Natural Resources (YPEM) has underscored a direct link between the expansion of renewable energy sources (RES) — including large-scale hydropower — and significantly lower wholesale electricity prices across the country. According to a presentation delivered at Monday’s cabinet meeting, days when RES and hydroelectric generation cover a substantial share of national demand see wholesale power prices drop to €73 per megawatt-hour (MWh). In contrast, when green generation falls short, conventional power plants are activated, pushing prices up to €120/MWh.
Renewables Reshape Greece’s Power Market
From the start of 2024 through 8 August, Greece’s average wholesale electricity price stood at €98/MWh — making it the ninth cheapest electricity market in Europe. This marks a notable improvement from 2019, when Greece ranked as the most expensive EU electricity market. The Ministry expressed satisfaction with this shift, attributing it largely to surging electricity exports and the growing contribution of clean energy to domestic supply.
From Import Deficit to Export Surplus
In 2019, Greece imported 18% of its electricity needs. This year, the country has recorded net electricity exports of 5.4 terawatt-hours (TWh), reversing last year’s deficit. That structural change has translated into a €438 million surplus in electricity trade — a dramatic turnaround from the €575 million deficit recorded in 2023.
Resilience Amid European Price Spikes
Even during August — a month marked by heatwaves and drought across Europe that pushed regional electricity prices upward — Greece maintained a competitive advantage. As Deputy Minister Nikos Tsafos recently noted in a social media post, Greek wholesale prices remained €15–€30/MWh lower than the broader European average, highlighting the stabilising effect of domestic renewables and interconnection capacity.
This progress reflects not only policy-driven investments in wind, solar, and hydro infrastructure but also improved integration with regional markets via interconnectors — reinforcing Greece’s evolving role as a clean energy hub in Southeastern Europe.