Decrease in demand natural gas And electricityfalling prices and high participation in it LNG in the total volume of natural gas imports was observed in February both in relation to the previous month and on an annualized basis. According to IENE’s Monthly Energy Analysis Report for the Greek Market, electricity demand in February was 3,907,116 MWh, declining after two consecutive months of an upward trend. The average system load was 5,814 MW, up 7% on the previous month but down 10% on the previous year. The share of natural gas in the fuel mix for power generation increased to 25% in February 2023 compared to the previous month (23%), and decreased by 14% year-on-year. The structure of electricity generation in February was mainly based on RES (33%). On an annualized basis, the participation of RES increased by 3%. Lignite participated with a share of 19% and large hydroelectric plants with 5%, while imports covered 18%. The total participation of RES (together with large HPPs) reached 38%.

For natural gas, total imports in February were down 6% m/m to 4.8 TWh, down 13% from February 2022. 71% of these volumes (3.4 TWh) are LNG that has arrived at Revitusa and is injected into the system through the Ag entry point. Trinity. Russian gas imports were limited to 10% (0.5 TWh) and Azeri gas through TAP to 15% (0.7 TWh). A percentage of 4% (0.2 TWh) was introduced into the system through the Gardens from Turkey.

The LNG contribution of 71% in February last year is considered one of the highest in recent years, underscoring the important role that fuel already plays and is expected to play in the coming years in the context of reducing dependence on Russian natural gas. Natural gas exports to Bulgaria amounted to 0.4 TWh after an increase in exports since May last year.

Russian gas imports were limited to 10% (0.5 TWh) of the total.

Natural gas prices in Greece in February were affected by fluctuations observed in the TTF of the Netherlands, where the price fluctuated between 50-60 EUR/MWh for the first time since December 2021, and on some days below 50 EUR/MWh. Estimated TTF closed at 49.87 EUR/MWh on 20 February, well below the record high of 338 EUR/MWh in mid-August, but still extremely high compared to 17 EUR/MWh in February 2021.

The weighted average price of natural gas imports in February 2023 was set at €57.2/MWh in Greece, marking the second consecutive monthly decline. The average wholesale electricity price in February decreased by 19% compared to January and amounted to EUR 156.24/MWh. On an annualized basis (February 2022-February 2023), the price of electricity in the domestic market increased by about 1.4 times, mainly due to the increase in natural gas prices in Europe and, respectively, in Greece, as well as the impressive growth pollutant prices, which in February 2023 exceeded 100 euros per ton.