Day-Ahead Energy Market in Greece: Correlation Analysis and Statistical Description for 2021-2023

The Hellenic Energy Exchange (HEnEx) was founded to restructure the Greek energy market converging to the standards set by the European Union. In the same context, the foundation promotes data transparency, allowing the development of independent analysis. This paper strives to determine the correlation between the Market Clearing Price (MCP) and the quantities of power traded by each stakeholder participating in the Greek Day-Ahead Market (DAM). The study relies on the data provided by the HEnEx for the years 2021-2023 regarding the transactions that were scheduled to take place in that chronological interval and illustrates the main contributors to the MCP by calculating the Pearson correlation, backing the results with the calculation of various descriptive statistical variables. The main results of the analysis are the capture of the upwards trend of both the median and the maximum value of MCP until 2022, followed by a downward trend in 2023, and the capture of the significant increase in Renewable Energy Sources (RES) penetration to the DAM energy mix in 3 years. The high correlation between MCP and the load of Crete and conventional production of Crete for the first two years of the study was also identified. The annual increase in kurtosis and decrease in skewness of the MCP distribution, and the increase in RES penetration in 2023 signify the progress towards the national environmental goals and energy market price stabilization.