Electricity market security fund gradually being pieced together

A security fund intended to offer protection to the electricity market against an extended period of tightened liquidity is gradually being pieced together amid great difficulties and continual consultation with European Commission authorities.

An amount totaling between 500 and 600 million euros has been secured for the market’s security fund so far, according to sources.

This figure will not be enough to get the electricity market’s players through the coronavirus pandemic’s devastating financial impact, seen continuing until autumn or even the end of this year. If so, an amount of over one billion could be needed to cover electricity supplier deficit figures.

It is too big an amount to be lifted from the national budget, limited and vulnerable following a decade of recession in Greece. As a result, government officials are looking for complementary support from EU funds to establish a security fund worth a total of about one billion euros.

Deputy energy minister Gerassimos Thomas and deputy finance minister Theodoros Skylakakis are heading this task.

Electricity bill collections have fallen by 30 percent, a trajectory seen costing suppliers an overall sum of 650 million euros if the trend continues for a further three months, electricity suppliers pointed out a fortnight ago.