Record 20-month high in wholesale electricity price

Greece’s wholesale electricity price hit a 20-month record on Tuesday, September 22, 2026, with the clearing price at the Greek Energy Exchange standing at 211.76 euros/MWh, according to mononews.gr. This is the price at which the wholesale energy market clears, namely the point where electricity supply and demand meet between producers and suppliers, and not the bill that consumers pay directly for their electricity bill, as in.gr notes. However, the wholesale market forms the basis on which retail supply tariffs are gradually shaped, with a time lag and depending on the pricing policy of each company.

The average price for September 2026, based on the period from 1 to 22 September, stands at 159.98 euros/MWh, compared to 92.75 euros/MWh recorded for the same period in September 2025, as mononews.gr reports. Compared to Monday, September 21, 2026, Tuesday’s price shows an increase of 16.88%, while compared to Sunday, September 20, 2026, when the price stood at 138.41 euros/MWh, the increase reaches approximately 53%, according to the same source. Within the same day, the highest price was recorded in the 21:00-22:00 slot, where the market reached 340.89 euros/MWh, as mononews.gr reports. This trend highlights the gradual strengthening of the upward trend over the past few days, with prices moving higher from Sunday to Tuesday.

The main reasons for the increase are cited as the high cost of natural gas, which is moving around 80 euros/MWh, near the highest levels since 2023, as well as the reduced contribution of renewable energy sources in the evening hours, according to mononews.gr. Also among the reasons are geopolitical tensions and general pressures on energy prices at European level, as the same source reports. The rise in wholesale prices is not automatically passed on at the same rate to household and business bills, as retail tariffs follow with a time lag and are shaped separately by each supplier depending on its pricing policy. This differentiation means that the rise in the wholesale market should not be confused with an equivalent increase in the electricity bill that households and businesses will receive immediately.

It is not currently known whether the government will announce any support measure or intervention in the energy market, nor for how long the pressure on wholesale prices is expected to persist. Developments in the wholesale market continue to be monitored, with the coming days showing whether this is a short-term spike or a trend that will continue. The issue of energy costs comes to be added to other recent developments affecting the cost of living, such as Mitsotakis’ announcement on heating oil and the price increase for feta. More developments in the Greek economy are covered on the Economy page.