Reduction of invoices of current is expected in November, for the third month in a row, following the de-escalation of prices on the Energy Exchange, while the starting price for heating oil was 16% cheaper than last year, which moved in the margins of market forecasts.

As far as the current is concerned, the average wholesale price so far it stands at 87 euros per megawatt hour, up from 112 in September, 129 in August and 135 in July.

The suppliers will announce the charges for the “greens” November invoices through next Friday, November 1, which are expected to reflect the de-escalation of wholesale prices. Price developments so far follow the expected path of restraint during periods when demand is relatively low due to weather conditions (spring and fall) and the upward trend when demand rises (summer and winter). In periods of increased demand, when renewable sources are not sufficient to cover the load, the prices are set by the more expensive thermal units, resulting in an increase in the average 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 under the 90 euros per megawatt hour and fell on Sunday, October 13 to 44 euros, while for a total of 18 hours the price of electricity moved close to zero. Market sources reported that with the passage of 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 formed at the start of its disposition fuel to 1.165 euros per liter (from 1.4 euros last year) and nationwide to 1.194 euros (from 1.425 euros last year).