Record Negative Electricity Prices Hit Greece During Protomagia

For the first time in history, hourly wholesale electricity prices plummeted to around -50 euros per megawatt during Protomagia in Greece. This marks a significant development as we have been accustomed to seeing electricity prices fall only slightly below zero, typically reaching no lower than -0.01 euros during midday hours. The previous record was near -1 euro, which has now been decisively broken. Advertisements aside, prices were below zero for seven hours yesterday, from 11:00 AM to 5:00 PM. This phenomenon is expected to benefit consumers to some extent by reducing the average monthly price. Already, the average daily price during Protomagia dropped to 41 euros, down from 58-65 euros in the preceding days, representing a 37% decrease. Conversely, this trend could negatively impact several producers with Renewable Energy Sources (RES), who are paid even at minimally positive rates but not when prices turn negative. Industry representatives have warned about the adverse effects these negative prices may have on the commercial viability of investments. It remains to be seen whether this trend will continue or if it is merely temporary.