Russia’s strikes on Ukrainian infrastructure caused electricity prices to double this summer in southeastern Europe.
According to the FT, in a letter to the European Commission Greek Prime Minister Kyriakos Mitsotakis said that electricity prices rose in August from €60 per MWh to €130 per MWh. Hot weather, power outages, and low rainfall have all contributed to price increases in Greece, Hungary, and Romania, which have seen reservoirs that feed hydropower plants depleted.
But, as Mitsotakis noted, a key contributing factor is Russia’s attacks on the Ukrainian energy grid. Previously, Kyiv was a net exporter of electricity, but this year began importing a significant amount of energy from its EU neighbors. In the first half of 2024, Ukraine increased electricity imports by almost 500% compared to 2023.
“This is another price that Russia’s destructive war imposes on our economies. We feel that there is an energy mini crisis that no one is talking about,” said the Greek government official.