Ministry sees swift approval for wholesale market intervention

The energy ministry has forwarded a draft bill to the European Commission’s Directorate-General for Energy for wholesale electricity market intervention and believes the plan’s new mechanism will be swiftly approved for implementation as of July 1, energypress sources have informed.

The ministry’s proposed plan entails deducting windfall profits earned by electricity producers under the current conditions and compensating them based on respective caps to be set for energy production technologies.

Details of the mechanism have already been submitted to the Brussels energy authority, which has unofficially approved the plan, the sources added.

The plan’s introduction at the beginning of July would enable August electricity prices for consumers to be shaped in accordance with July’s price levels.

Once an agreement with the Directorate-General for Energy has been reached, the Greek government will need to ratify the plan and issue a related ministerial decision enabling a temporary revision of wholesale electricity market regulations.