"Albania, high production from renewable sources" - Reuters: More protected from significant increases in electricity prices
As the Iran war disrupts global oil and gas flows and energy prices rise sharply, the Drin River, which winds its way through the mountains of northern Albania, is acting as a kind of shield.
Swollen by winter rains and melting snow and with dams built during the communist era, the river's energy provides more than 90% of the Balkan country's output, helping to keep wholesale prices under control, notes the Reuters news agency.
Albania is an example of how countries with higher renewable energy production have been shielded from sharp increases in electricity prices since the United States and Israel attacked Iran on February 28, price comparisons from across Europe show. That could help households, businesses and growth in those countries, while the price impact will be passed on to ordinary consumers in the months ahead, analysts said.
“Albania’s large reliance on renewable energy, especially hydropower, has played a crucial role in protecting the country from the worst effects of the crisis,” Albania’s Energy Ministry said in a statement, though it acknowledged that it was not immune.
The country still imports energy when demand peaks and consumers are protected by government price subsidies.
Countries heavily dependent on oil and gas face bigger price increases, adding to inflationary pressure and raising the possibility of a global recession - a familiar concern for Europeans who survived the energy crisis caused by Russia's invasion of Ukraine in 2022.
The crisis is raising regional minimum price levels for everyone, but countries with the least flexibility and the greatest marginal dependence on imported fuels are seeing the strongest impact on volatility and maximum prices, analysts say.
Gas-dependent countries like Italy, Germany and Greece all have some level of solar power generation, but over-reliance on solar energy causes what is called the 'duck curve', where prices are low in the middle of the day but rise in the early morning and late afternoon.
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