The Environment, Energy & Climate Change Minister Yiannis Maniatis signed joint ministerial decisions yesterday for a measure intended to offset emissions-related costs for industry. The decisions now need to be signed by two other Greek ministries involved in the agreement, the Development and Competitiveness Ministry and the Finance Ministry.

Authorities expect the cost-cutting measure, prepared by LAGIE, the Electricity Market Operator, to take effect by the end of the year.

Covering the period 2013 to 2020, the measure will be financed by revenues stemming from greenhouse gas emission allowance trading auctions handled by LAGIE, as a first step in the transition towards a modern Power Exchange.

Energy-intensive industrial sectors such as paper, ceramics, textile, and metal are expected to benefit between 15 and 20 million euros, annually, between 2013 ansd 2020, as a result of the measure. Last year will be taken into account retroactively.

“The signing of the joint ministerial decisions completes a coordinated political and scientific effort to incorporate a modern energy cost-cutting measure into Greece’s energy policy,” Maniatis noted. “This is a measure that is here to stay for many years, as its extension beyond 2020 is considered a given. The CO2 emmission costs offsetting measure represents a key pillar of European policy on energy and climate change, to protect European and Greek industry from foreign competition.”

Maniatis added that his ministry is one of the EU’s first to adopt such an industrial cost-cutting measure into its agenda. He estimated the measure’s cost, for his own ministry, at between 120 and 160 million euros.