This summer presents significant challenges for the energy market with surging electricity prices and gloomy forecasts for July bills. The government is poised to implement subsidies if necessary to support households and businesses during these difficult times.

The increase in natural gas prices, coupled with limited Renewable Energy Sources (RES) production and heightened demand due to high temperatures, has driven up wholesale electricity prices, subsequently affecting retail rates.

Deputy Minister to the Prime Minister and government spokesperson Pavlos Marinakis addressed concerns from journalists, noting, “We’re closely monitoring fluctuations in wholesale prices, although they don’t appear to surpass those seen in December.”

Marinakis reassured that interventions would occur if consumer electricity prices escalate significantly. He underscored their preparedness to assist with bills as needed, while suggesting that critical price levels may not be reached.

He highlighted a 12.5% reduction in average retail electricity prices per kilowatt-hour from Jan. to June, and an 18% decrease compared to Dec. Additionally, he forecasted that wholesale electricity prices will remain elevated throughout the summer, stabilizing to pre-summer levels by autumn.

Looking ahead to July, expectations are for soaring prices, with the average June Energy Exchange price currently at 99.38 euros per MWh—23% higher than May’s average of 81.08 euros per MWh and significantly above April’s average of 60.11 euros per MWh.