Greece has transitioned into a net exporter of electricity, providing up to a third of its daily production to neighboring countries, with exports reaching 2 GW out of a total 6 GW of daily production. This marks a significant shift from previous years when Greece was a net importer of electricity. For instance, on December 9, 2024, Greece exported 1,737 MW within an hour to Albania, North Macedonia, Bulgaria, Turkey and Italy. These exports are the result of various factors affecting the Southeast European electricity system, such as Ukraine’s need for imports due to war-related infrastructure damage, droughts lowering hydroelectric capacity, and the inconsistent performance of renewable energy sources.

This growing export capacity comes at a time when wholesale electricity prices in Greece have risen sharply, reaching EUR 110 to EUR 173 per MWh in December 2024, partly due to these regional challenges. To mitigate the impact on consumers, the Greek government has introduced subsidies, costing EUR 20 million for households so far in December. Similar support measures for businesses are also expected. The funding for these subsidies is sourced from taxes on electricity producers, in line with an agreement with the European Commission.

Moreover, Greece, alongside Romania and Bulgaria, has initiated discussions with the European Commission to introduce a market mechanism to help stabilize wholesale electricity prices during periods of upheaval. The aim is to activate this mechanism in the second half of 2025.