Wholesale electricity prices in Greece have hit their highest level of the year, raising fears that households and businesses face a winter of steep power bills reminiscent of the 2022-2023 energy crisis.
The average wholesale price climbed to 247.82 euros ($288) per megawatt-hour and topped 400 euros during some hours.
October prices are running more than 10% above September, on track for a fourth straight monthly rise.
Analysts point to four main factors. Natural gas prices have settled at 80 to 90 euros per megawatt-hour, up 177% from a year ago, amid the war in the Persian Gulf.
Gas plants set prices in the evening, when solar power drops off.
On Oct. 14, when renewables covered two-thirds of demand, the average price was about 139 euros.
By Tuesday, with renewables down to 43%, it had jumped by almost 110 euros.
Drought has cut hydropower output across Southeastern Europe by 31% from last year. Low river levels and maintenance work have also curbed nuclear output in Romania, Bulgaria and Hungary, pushing prices there above 300 euros.
Rising carbon permit costs, now near 86 euros a ton, add further pressure.
Consumers on variable tariffs will feel the impact first.
The government, which has already cut fuel prices and subsidized heating oil, is weighing further relief but faces tight fiscal limits.
Athens is pressing the European Union to let countries use budget flexibility for direct support to households.
EU energy ministers meet Oct. 29, ahead of an emergency summit next month.
By Lalela Chrysanthopoulou