19 Feb 2021 | 10:00 UTC — London

Greece records net power exports in January as domestic demand falters

Highlights

Landmark moment for evolving power system

Strong hydro, renewables boost production

Demand down 8% year on year, prices dip

London — Greek exports of electricity in January exceeded imports in a landmark month for the country's power sector, data from market operator Hellenic Energy Exchange SA showed Feb. 19.

Strong hydro and renewable energy generation in January enabled Greece to interrupt, at least for one month, years of net imports, as domestic demand continued to lag in a year-on-year comparison.

Reducing imports and boosting renewables is a key objective of the Greek government, with January's energy balance and strong vindication of the country's drive to support wind and solar development via regular auctions, while accelerating the phase-out of lignite-fired generation.

The data show a significant month-on-month increase in net exports to Italy and Bulgaria, and stable levels to North Macedonia.

At 4.40 TWh, January domestic electricity demand was up 3.6% on December, but down nearly 8% on January 2020.

Lignite output fell back after a modest recovery in December, down 25% month on month to 599 GWh in January as gas-fired generation nearly matched December's 2 TWh output. Renewables generation of 1.4 TWh, meanwhile, was up 22% on month and 40% on year.

GREECE: ENERGY BALANCE JAN 2021 (GWh)

Jan-21
Jan-20
Production
Lignite
599
993
Natural gas
1,915
1,691
Hydro
658
175
Renewables
1,442
1,034
Total production
4,614
3,892
Imports
497
1,009
Exports
601
123
Import/export balance
-104
887
Demand
Low voltage customers
2,906
3,269
Medium voltage customers
788
1,023
High voltage customers
704
481
Total demand
4,398
4,779

Figures rounded to nearest integer

Source: Hellenic Energy Exchange SA

Spot down 11%

In the market, average system spot baseload prices in January of Eur52.52/MWh were down 11% on month and 10% on year.

Dominant state generator PPC's domestic generation market share ticked up to 48.98% in January from 47.53% in December, while DAPEEP, the system operator's renewable energy single buyer subsidiary, saw its share rise to 22.41% from 20.51%.

Then came the country's leading independent combined-cycle gas turbine operators Elpedison (7.68%), Mytilineos (7.13%), and Korinthos Power (4.67%, this asset owned 65% by Mytilineos).

New entrant renewable asset manager Optimus Energy again grew its emerging position with a market share of 4.58%, up from 4.22% in December and 3.66% in October.