Energy rates bode coming pain

August energy prices bode ill for September's electricity prices. In the first six days of August, and for no apparent reason, the average price of electricity in the wholesale market was €128.98 per megawatt-hour, higher even than traditionally expensive Italy, where the average price was €123 per MWh.

On Monday, the mean price in the Greek market climbed to €143.65/MWh, with a spike of €313.14/MWh during nighttime. On Tuesday, the average price eased a little, to €131.27. By comparison, electricity wholesale prices in the French market averaged €43.61/MWh and in Belgium €66.01. On the same day, prices in Italy exceeded Greece's at €139/MWh, and were also more expensive in Albania, Kosovo and Serbia.

In the current mix of domestic power generation, natural gas is top, with a 36.3% share, followed by renewable energy sources (29%), imports (which shot up to 18.3%),...