Greece’s 2025 power prices tick up as exports rise and renewables gain share

Greece’s electricity market saw a modest lift in 2025 pricing, with the day-ahead benchmark averaging 103.6 euros/MWh, according to the latest annual report from the country’s Energy Exchange (HEnEx). For investors and power buyers, the mix of higher exports and expanding renewables helps explain why the increase was contained—while still leaving room for volatility across months.

Prices: Greece rises moderately versus neighbors

HEnEx data show Greece recorded a 2.7% annual increase in average day-ahead prices. Bulgaria’s average rose more sharply at 4.24%, while Italy posted the largest jump at 6%. In absolute terms, Bulgaria averaged 106.9 euros/MWh, whereas Italy remained the most expensive regional market at 115.03 euros/MWh—positioning Greece as comparatively cheaper within the group.

Volatility persists across the year

Price movements were uneven throughout 2025. February was the highest-priced month, with average prices reaching 154 euros/MWh, while August was the lowest at 73 euros/MWh. The report also highlights extreme intrayear outcomes: on 1 May, the lowest hourly price of the year fell to -50 euros/MWh.

Demand steadies; renewables-linked volumes grow

On trading fundamentals, electricity demand in Greece’s day-ahead market remained broadly stable versus the prior year. At the same time, volumes associated with renewable energy sources increased by 8%, underscoring a continuing shift toward cleaner generation in Greece’s power supply.

Cross-border flows turn supportive for net exports

Cross-border electricity flows changed materially over the year. Imports declined by 2,833 GWh (down 36.8%), while exports rose slightly by 106 MWh. The combined effect left Greece closing 2025 with net electricity exports of 2,732 GWh.

The report also points to peak trading activity: total day-ahead market volume reached its highest daily level on 25 July at 254 GWh.

PPC remains central to supply

In market structure terms, PPC continued to dominate supply, representing 50.08% of total supply in the day-ahead market.

Taken together, HEnEx’s figures suggest that Greece’s pricing outlook for investors is shaped by two competing forces: a gradual upward trend in benchmark prices alongside structural support from rising renewable volumes and improved net export performance—tempered by sharp month-to-month swings that can still drive significant risk for participants exposed to wholesale volatility.