Suppliers will announce charges for November ‘green’ invoices by next Friday, November 1
Reduction of its tariffs current expected in November, for the third month in a row, following the de-escalation of prices on the Energy Exchange, while 16% cheaper than last year was the starting price for heating oil which moved at the margin of market forecasts.
As for electricity, the average wholesale price so far stands at 87 euros per megawatt hour, up from 112 in September, 129 in August and 135 in July.
Suppliers will announce charges for November “green” tariffs by next Friday, November 1, which are expected to reflect the de-escalation of wholesale prices. The evolution of prices so far follows the expected course of restraint during the periods when demand is relatively low due to weather conditions (spring and autumn) and the upward course when demand rises (summer and winter). In periods of increased demand, when renewables are not sufficient to cover the load, prices are set by the more expensive thermal units resulting in an increase in the average.
On the contrary, in periods of low demand when a large part of the load is covered by RES, prices fall.
It is indicative that during the first three weekends of October (when demand is even lower than on weekdays) the price of electricity moved below 90 euros per megawatt hour and fell on Sunday 13 October to 44 euros, while for a total of 18 hours the price of current moved close to zero. Market sources reported that over time and the further penetration of RES into the electricity balance, the phenomenon of very low or even zero prices during the 24-hour period will expand, creating in some cases sustainability issues for producers who have not secured the disposal of the energy they produce with some form of contract. Downward pressure on energy prices is expected – according to the same estimates which will of course have to be confirmed – also from the proliferation, internationally, of the production potential of liquefied natural gas.
In relation to heating oil, the first measurements of the price observatory showed that the average price in Attica was at the start of fuel distribution at 1.165 euros per liter (from 1.4 euros last year) and nationwide at 1.194 euros (from 1.425 euros last year).
