An inaugural auction offering compensation amounts to high and medium-voltage industrial consumers for reduced electricity usage is set to take place in December as part of the country’s effort to limit energy demand by 5 percent during peak hours, a European Commission order that needs to be met by all EU member states.

Industrial consumers – high and medium-voltage – submitting the lowest compensation bids at monthly auctions will be offered energy savings through monthly auctions.

Separate auctions will be held for high and medium-voltage industrial consumers, energypress sources informed.

The compensation amounts to be offered to successful bidders will stem from the Energy Transition Fund.

A legislative revision facilitating these auctions has just ratified in parliament. However, other legislative and regulatory matters still need to be settled before the inaugural auction can go ahead, December being the target.

The Greek government has set the three-hour period from 6pm to 9pm, including weekends, as the country’s peak time for energy.