Negative Electricity Prices Due to RES and Strong Winds

Over the weekend, the Greek electricity market recorded negative prices in the wholesale market for eight consecutive hours, from 9 a.m. to 5 p.m. on Sunday. The average price was 53 euros/MWh, with a minimum of -12.92 euros/MWh.

A similar picture was observed on Friday and Saturday, and the same pattern continued on Monday. This development is related to strong winds and increased sunshine, which boosted energy production from Renewable Energy Sources (RES) to 64% of the energy mix.

The oversupply from RES, combined with low demand due to summer days, led to prices falling below zero. For this period, producers pay to channel their energy into the grid, while suppliers and some large consumers receive payment for consumption.