However, the situation remains fragile and the market sensitive to any contingencies. A sharp deterioration in the weather, an increase in LNG demand in other regions of the world would reduce availability in Europe, or a new disruption in the supply chain.
Market factors express moderate optimism for the development of energy prices in the coming months, as long as there are no new surprises on the international scene.
In recent months it has been recorded de-escalation of the order of 47% in the price of electricity on the Greek stock exchange (from 436 euros per megawatt-hour in August to 232.6 in October) while it is indicative that from the historical high of 697 euros / MWh that electricity had reached on August 31, in the previous days it even approached 100 euros (107 euros / MWh on October 30).
It is pointed out that at the consumer level prices in the majority of cases remained at the level of 15-17 cents per kilowatt hour as government subsidies did not allow the high prices of the Stock Exchange to pass through to retail. Consequently, the reduction in stock prices means that the need for subsidies is reduced.
Respectively the international price of natural gas on the Dutch Stock Exchange has fallen by 66% (from 349 euros per megawatt hour which had reached in August, to the level of 115 euros).
The decline in prices is attributed to a series of factorsn: the favorable weather conditions that have so far limited the demand for heating, the filling of natural gas storages in Europe at a level of more than 90%, the availability of liquefied natural gas cargoes which is the most important alternative to Russian natural gas, but also fermentations in the European Union to impose a ceiling on the price of natural gas, with Greek initiative and pressure contributed to keeping prices down.
Also the increasing penetration of renewable sources is an important factor in keeping prices down as green energy replaces more expensive sources and mainly natural gas in power generation.
However, it is pointed out that the situation remains fragile and the market sensitive to any contingencies, such as a sharp deterioration in the weather, an increase in demand for Liquefied Natural Gas in other regions of the world that would reduce availability in Europe, or a new disruption in the supply chain.
RES-EMP
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