December 16, 2025
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Greek authorities launch electricity market probe

The Hellenic Competition Commission (HCC) and the Regulatory Authority for Energy, Waste and Water (RAAEY or RAEWW) began a double probe into the Greek electricity market.

The move follows a report by the European Union Agency for the Cooperation of Energy Regulators (ACER) concerning the formation of wholesale prices during the period between July and September 2024.

The body focused on Greece, since it is the only country in the region of Southeast Europe for which detailed market data was available from the power exchange about the offers from producers and the supply-demand curves.

ACER has called national authorities to conduct a market probe to find out whether manipulation and capacity withholding took place during the hours with the most extreme prices.

In its announcement, HCC said it was looking into possible horizontal deals or harmonized practices between companies, with the goal of preventing, limiting or degrading competition. It is focusing especially on capacity withholding and dominant market position abuse. It explained, however, that the checks do not predetermine the outcome of the procedure.

RAAEY pointed out that the goal of its probe is to protect consumers and enforce the Regulation on Wholesale Energy Market Integrity and Transparency (REMIT).

Investigation follows industry suggestions

According to Energypress, HCC conducted raids and collected data from three particular companies, namely Public Power Corporation (PPC), Heron and Enerwave (formerly Elpedison).

In fact, authorities are examining not just the three-month period of last year, but also market operations in 2025.

Industrial consumers in Greece have been claiming for the past year that there is manipulation in the market, leading to inflated prices. They have called for an investigation and interventions to restore transparency.

“ACER‘s findings are not compatible with normal market player behavior as part of the Target Model,” commented the Chairman of the Hellenic Union of Industrial Consumers of Energy (UNICEN), Antonis Kontoleon.

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September 24, 2025
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Renewables account turns red in Greece amid more low and negative power prices

Conditions in the Greek market have worsened in recent months for renewable energy producers, especially in the solar power segment, as a result of low and negative electricity prices.

So far in September, the total number of hours with a negative price in the day-ahead market (DAM) has reached 27. Prices usually fall slightly below zero, between EUR 0.01 per MWh and EUR 1, but for Sunday, September 21, they reached a negative EUR 14.8 per MWh.

In Greece, over 7 GW of renewable electricity plants with individual capacities above 400 kW operate under contracts for difference (CfDs).

Negative prices hurt producers. They receive no payment if the price is zero or below for two or more consecutive hours.

Low positive prices harm market operator

There is another issue, caused by a great number of barely positive prices during the day, when solar farms reach their maximum output. The so-called special purchase price for photovoltaics, determined once a month, has fallen steeply. In August it reached a record low of EUR 25 per MWh.

Namely, the Operator of Renewable Energy Sources & Guarantees of Origin (DAPEEP) pays a producer the difference between the special purchase price and the price in the CfD contract, which is much higher.

Therefore DAPEEP benefits from negative hourly prices, since it avoids some payments, but it loses much more from low positive prices.

Special renewables account swings back into red

The operator’s special renewables account reached a breakeven level at the beginning of this year, but turned steeply negative in recent months. The latest official data show a deficit of EUR 160 million for the period through July. Initially, a gap of EUR 173 million was projected for the end of 2025, so investors are worried.

Payments to producers remain unaffected so far and they continue in a timely fashion. Regardless, conditions in the market have made investments in solar energy less profitable. Certain players have chosen to abandon their projects. EDP Renewables and ABO Energy have decided to leave Greece altogether.

The trend has fueled demand for the purchase of solar farms benefiting from feed-in tariffs, as they are not affected by fluctuations in the wholesale market. According to information that Energypress obtained, such facilities are currently sold for around EUR 700,000 per MW.

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May 21, 2025
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Wind farms turn Greece into net exporter of electricity

Wind energy played a crucial role in turning Greece into a net electricity exporter last year, for the first time since 2000.

The country used to import a significant part of its electricity in previous years. Back in 2019, net imports amounted to 10 TWh or 18% of total consumption, according to Minister of Environment and Energy Nikos Tsafos. The situation changed and Greece became a net exporter in 2024 with 307 GWh.

The economic benefits are important. The balance was a negative EUR 400 million in 2019, compared to EUR 122 million on the upside last year.

The change is also evident in wholesale electricity prices. Greece used to be 34% more expensive than Bulgaria six years ago. Now the price is about 2% lower.

Tsafos added that wind energy has been the secret behind the trend. Greece has different wind characteristics compared to the rest of Southeastern Europe. At times, wind farms produce large quantities while in neighboring markets their output is low.

Offshore wind to further increase exports

Indeed, Greece aims to utilize its advantage even further by developing offshore wind farms. The National Energy and Climate Plan (NECP) foresees the installation of 1.9 GW by 2030 and 6.2 GW by 2035.

So far, progress has been slow apart from a few pilot projects currently underway. Initial offshore development zones have been identified and the national plan has been updated. However, a presidential decree has yet to be signed to define the exact terms for offshore projects.

Stefatos: Benefits from balancing renewable energy through offshore wind

After the latest geopolitical and trade developments, the global offshore wind power market faces issues regarding increased costs and uncertainty. However, the head of the Hellenic Hydrocarbons and Energy Resources Management Company (HEREMA), Aristofanis Stefatos, believes the potential benefits in Greece outweigh such concerns. “We should include in our calculation the benefit of balancing renewable energy in our energy mix through offshore wind,” he said recently.

Given their large capacity factor, offshore wind parks are expected to operate more as base capacity power plants than the traditional intermittent renewable energy units. A large part could go to exports.

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May 15, 2025
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Negative prices threaten future payments to Greek renewable energy producers

Greece’s special account for renewables, which covers support payments to renewable energy producers, turned positive again in 2024 after years of instability.

The account is currently manageable, according to data from the Renewable Energy Sources Operator & Guarantees of Origin (DAPEEP). The update is bringing certainty to the market and reassures investors that their power plants won’t come up short.

For the end of 2025, initial projections show a deficit of EUR 173 million, which would be covered by a EUR 70 million reserve and proceeds from the taxation of diesel sales.

Lower wholesale prices reduce income

However, DAPEEP’s leadership is concerned about the future balance. The reason is the effect of zero or negative wholesale power prices as they are becoming more common than before.

In the trading session for May 1 on the day-ahead market of the Hellenic Energy Exchange (HEnEx), a record low hourly price was registered, EUR 50 per MWh below zero. The event occurred amid high solar production in combination with low demand on a holiday, and similar conditions in neighboring markets. The authorities are expected to allow the formation of negative prices in the balancing market, starting in June. It is expected to lead to more common zero and negative prices.

Low market prices harm the special renewables account, according to DAPEEP’s new CEO Dimosthenis Voivontas. Consumers benefit in such situations but they reduce income for the operator.

So far, the exact effect of negative prices remains to be seen, as there is limited data to analyze. Nevertheless, energy storage must be brought online quickly, together with demand response capabilities, says Viovontas.

Producers switch off to avoid negative prices

Negative hourly prices have led producers to switch off their renewable energy plants lately in order to avoid a financial loss. It is making it more difficult for the Independent Power Transmission Operator (IPTO or ADMIE) to conduct daily scheduling. The authorities are worried that a sudden disconnection of large capacities could result in instability, in light of the recent blackout in Spain and Portugal.

The focus is on aggregators, which represent groups of renewable electricity facilities in the market. Currently they lack the means to completely control their production in real time. Discussions are underway about a mutually acceptable solution.

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