Wave of electricity price hikes across Europe (map)

A current of rising wholesale prices in Europe permeates the markets today with Greece showing a 36,6% increase, but the smallest compared to the rest of the countries.

In Germany, prices jump by 237,5% (to 133,70 euros/MWh), in France by 153% (to 133,51 euros/MWh), while markets such as Bulgaria, with an increase in wholesale by 83% ( to 129,57 euros) while Poland also sets a record with an increase of 519%, which since yesterday also has a new government.

On Friday, the price of natural gas in the Dutch hub closed at 56 euros per megawatt hour, recording a 45% increase since the Hamas attack to date, with all eyes now on developments in the Middle East. Possible Iranian involvement could, according to analysts, push oil prices to $150/barrel, a development that would burn the pockets of households and businesses ahead of the winter season.

The sabotage of the Finland-Estonia pipeline as well as announcements of continued strike action at Chevron's LNG facilities in Australia were also factors that contributed to the destabilization of prices.

However, the geopolitical developments in the Middle East continue to cause the greatest uncertainty of this winter, after a calm and controlled price fluctuation in the previous period. Everyone's assessment is that if there is an escalation of the conflict in the Middle East with the involvement of other countries, the risks of higher energy prices grow.

This is also true for Greece, where fuel prices and their impact on inflation are high with the government focusing on controlling food prices to mitigate the adverse effects on consumers.

Source: newmoney.gr