New residential electricity cost reductions expected for June

The country’s electricity retailers, preparing to announce their offers for next month on May 20, as required by market rules, are expected to offer a new round of nominal tariff reductions for June, driven lower by a further decline of the TTF index.

The forthcoming month’s highest residential tariffs are likely to range between 0.14 and 0.17 euros per KWh, including the government’s electricity subsidies, usually revised monthly but covering both May and June this time around to avoid any election-related complications. Greece is scheduled to stage a legislative election this Sunday.

Suppliers are expected to reduce their nominal tariffs – not including subsidies – for June between 0.01 and 0.015 euros per KWh. As a result, finalized prices for next month’s residential tariffs may drop by as much as 0.03 euros per KWh.

The country’s electricity retailers are required to announce their nominal tariffs for each forthcoming month by the 20th of each preceding month.

Meanwhile, the government is working on extending emergency energy-crisis measures until September 30. These measures – a wholesale electricity market price cap; suspension of a price adjustment clause concerning electricity tariffs; penalty-free consumer switches from one supplier to another; and monthly supplier tariff announcements 10 days ahead –  were introduced last August and are due to expire July 1.