Ministry examining industrial energy cost-cutting measures

The energy ministry is examining a series of energy cost-cutting measures for the industrial sector, including reductions to system usage surcharges and the special consumption tax for the mid-voltage category, plus discounts for major-scale energy consumers making energy-efficiency investments.

The subject of lower energy costs for the industrial sector will feature at a meeting today between energy minister Costis Hatzidakis and energy-intensive industry representatives.

Speaking at an Economist conference just days ago, Hatzidakis expressed a determination to take all measures needed to reduce industrial energy costs.

Previously, in mid-July, Prime Minister Kyriakos Mitsotakis declared the special consumption tax rate for mid-voltage industry would be reduced.

The energy ministry and industrial sector have since been exchanging ideas in search of measures that could partially close the substantial gap between industrial energy costs in Greece and the rest of Europe.

Greek wholesale electricity prices are, by far, the highest in Europe, recent first-half data showed. Greece’s wholesale electricity price level for the first half averaged 42.47 euros per MWh. Belgium registered 23.98 euros per MWh, Germany’s average was even lower, 22.86 euros per MWh. Prices ranged between 32 and 34 euros per MWh in neighboring Balkan countries.