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From the beginning of July onwards, the Hungarian Stock Exchange, a reference for our country as well, has started an unstoppable increase in prices, spreading panic in the markets for the following period.
Prices began a gradual increase between 300-400 euros at the base and with fluctuations above this at the peak, but the energy price for July 19 reached 465 euros/MWh at the base and 521 euros/MWh at the peak. This is the second highest level this year compared to March when the war in Ukraine was still at the beginning and the price of energy on the 8th jumped to 544 euros at the base and 584 euros/MWH at the peak.
Until that moment, since the start of the energy crisis in October last year, the highest prices were recorded at the end of the third week of December with 515 euros/MWh at the peak and 420 euros/MWh at the base.
The energy crisis which started as a medium-term cycle development last year and with the expectation that it would last until the end of 2023 is actually already unclear about the cycle it will have.
The general global economic development, the deadlocks caused in various chains also by the Russia-Ukraine war have led economists to estimate that perhaps a possible liberation will come in 2025 and this is also related to the rapid implementation and priority plans of solar energy.
Energy imports exceed 210 million euros
The unfavorable water situation has made Albania focus on imports in this difficult year to meet the demand for supply in the country. This has happened regularly with our country that imports in certain periods took the main weight, but the burden was not so strong for the country because the prices on the stock exchanges were almost 5-10 times lower than what we have today.
The Albanian Electroenergy Corporation officially confirmed for “Monitor” that imports until May of this year were 145 million euros. Meanwhile, during June and July 18, a series of other import procedures were developed, which are estimated to cost more than 63 million euros. This brings the total imports to around 210 million euros, a figure that will be surpassed by the end of July. The chances are that this year’s imports will be twice as high as those of a year ago, a figure that was confirmed by Prime Minister Edi Rama in one of his appearances, defending the arguments why Albania has decided to apply for an amnesty. According to Rama, the supply of energy without charging this bill to the family consumer will require 500 million euros this year, meaning here imports.
On the best days, Albania imports at least 20% of its energy needs, according to INSTAT, while in periods of drought the import reaches up to 50%.
During June, KESH also developed some optimization procedures by selling more expensively at the peak and buying cheaper at other times. Meanwhile, the Drin cascade is maintaining a significant part of the consumption, but in the conditions when money is a good part of the summer, the use of the water source is being done in a reserved manner, trying to maintain the historical average levels./Monitor.al
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