Auction for lower electricity usage pay by end of November

The energy ministry is aiming to stage a first auction by the end of this month for remuneration of high and medium-voltage enterprises cutting back on electricity usage as of December 1, through a mechanism being prepared by IPTO, the power grid operator.

All EU members will need to reduce electricity consumption by 5 percent during peak demand as of December 1.

In Greece, high and medium-voltage enterprises will bid for remuneration amounts at auction as compensation for reduced electricity usage.

The 5 percent reduction of electricity usage for low-voltage consumers will be optional, one reason beign that households have yet to be installed with smart meters, meaning their electricity consumption levels at specific times of the day cannot be tracked.

Consumers in Greece will be set a three-hour low-consumption period, between 6 pm and 9 pm, throughout the week. Households will need to try and avoid using energy-intensive appliances during these hours.