Electricity prices in Greece have surged sharply, with the wholesale price reaching €202 per megawatt hour today. According to ERT, this represents a more than 30% increase compared to October, raising concerns that December’s retail tariffs will see a corresponding rise.

Data from the Greek Energy Exchange shows a significant price spike, with wholesale rates climbing 72% over the past week alone and a staggering 110% since 11 October. On a daily basis, the price has jumped 16%, and in just the last 48 hours, the increase has surpassed 80%. Over the past four days, prices have skyrocketed by 120%, moving from €91.2 per megawatt hour on 9 November to €202.2 on 12 November.

Unlike previous surges, this recent escalation is affecting almost the entire European continent, not just South-Eastern Europe. Germany’s wholesale electricity price today rose by 36.4% to €166.12 per megawatt hour, while Austria’s market climbed by 28.6% to €160.68 per megawatt hour. The steepest increases are still concentrated in Eastern Europe, with Hungary hitting €306.33 per megawatt hour, a 36.8% rise, and Romania reaching €268.45 per megawatt hour, up by 35.8%.

Notably, Spain, Portugal, and France have largely avoided the steep increases seen elsewhere. Spain and Portugal reported a lower rate of €63.7 per megawatt hour, while France saw a modest 3.9% rise, reaching €103.74 per megawatt hour.

Peak prices during high-demand hours have also soared. In Greece, a peak price of €500 per megawatt hour was recorded last night, with Hungary’s peak reaching nearly €900 per megawatt hour.

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