Local electricity market consumers are benefitting for the first time, even if just modestly, as a result of competition and the recent introduction of NOME auctions, according to a RAE official who participated in a Greek Parliament Committee on Institutions and Transparency session.

The RAE official, Nektaria Karakatsani, told the committee lower fuel prices and savings prompted by various market mechanisms have provided benefits.

Savings in the wholesale electricity market have already amounted to around one billion euros, according to the RAE official.

NOME auctions were introduced last October to offer independent traders access to main power utility PPC’s low-cost carbon-fired and hydropower sources.

The RAE official noted that the wholesale electricity market savings began to make impact at a retail level only recently.

The NOME auctions and increased competition faced by PPC have led to savings of as much as 70 euros per MWh, meaning that household consumers pay around 120 euros less per year, the RAE official pointed out.