PHAETHON Analyses Second Month of Competitive Electricity Market in November Report
The Republic of Cyprus’s competitive electricity market has now completed its second full month of operation, offering further insights into how renewables, market behaviour, and system dynamics interact within the new market framework. The November 2025 results underline the continued influence of photovoltaic (PV) generation on price formation and highlight emerging needs for flexibility as renewable penetration grows.
This competitive market structure strengthens consumer choice, enhances transparency, and promotes innovation across the electricity sector, while supporting Cyprus’s long-term goals for clean energy and alignment with EU decarbonisation policies.
At the forefront of monitoring and analysing these developments, the PHAETHON Centre of Excellence (CoE) has published its November Electricity Market Report — the second in a monthly series that provides detailed, data-driven analysis of price trends, traded quantities, generation patterns, and the evolving role of renewables in shaping market outcomes.
“The November findings highlight the growing influence of renewables on market behaviour and the importance of flexibility solutions,” noted Professor George E. Georghiou, Chief Executive Officer of PHAETHON CoE. “As the competitive market matures, the ability to manage variability and maintain stability will be central to ensuring reliable, efficient, and consumer-friendly operation.”
📊 Key findings from November:
- Average Day-Ahead Market (DAM) price: 155.49 €/MWh, slightly higher than in October.
- Low or zero-price periods occurred on 24 out of 30 days, consistently between 09:00–15:00, when PV generation exceeded conventional output.
- Forward Market (FM) activity increased overall, while energy volumes traded under subsidised RES–National Grant Plans (NGPs) declined relative to October.
- Market Clearing Prices (MCPs) were driven primarily by the balance between renewable generation and residual load, rather than the marginal cost of conventional generation.
- Must-run units accounted for a significant portion of conventional generation during low-price days, contributing to suppressed MCP levels.
- The findings underscore the growing importance of battery energy storage systems (BESS) and other flexibility assets in reducing price volatility and supporting the integration of high renewable shares.
These insights reflect both the opportunities and challenges associated with integrating significant levels of renewable energy into an emerging competitive market — illustrating the need for enhanced system flexibility to ensure stable, reliable, and efficient market operation.
Further Information
For further information, please contact:
- Professor George E. Georghiou — georghiou.george@ucy.ac.cy
- Dr Andreas Kyprianou — kyprianou.andreas.1@ucy.ac.cy
- Mr Stylianos Loizidis — loizidis.stylianos@ucy.ac.cy
Download Report
You can download the full PHAETHON Electricity Market Report – November 2025 here:
