Second electricity purchase bid fails due to high prices

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Following Monday’s failure to purchase all of the required volumes to meet the country’s electrical demands, the second auction on Tuesday also failed to purchase all of the required volumes.

The Free Market Supplier purchased only 4.1 gigawatt-hours of the 15.5 gigawatt-hour objective, at an average price of 264.5 euros, a new high for the country.

Despite the fact that eight firms were presented in the competition, OSHEE was compelled to reject some of them due to pricing as high as 590 euros.

The auction cost about 1.1 million euros, but the overall cost of buying electricity for five days is projected at 7.5 million euros, which is still insufficient.

The energy company is expected to hold another auction soon, or the country’s supply may be jeopardized.