Nominal electricity tariffs to be cut by over 50% for February

Electricity suppliers are expected to announce nominal tariff reductions of more than 50 percent for February this Friday, the 20th of the month and, under recently introduced market rules, the monthly deadline date for tariff announcements concerning each forthcoming month.

This anticipated electricity price reduction for next month has been shaped by favorable conditions at the TTF gas index, now down to levels of between 63 and 65 euros per MWh.

Nominal electricity tariffs – before subsidies are factored in – for the current month range between 0.358 and 0.489 euros per KWh, but are expected to plunge to levels of between 0.20 and 0.22 euros per KWh for February.

Electricity subsidies funded by the Energy Transition Fund brought down this month’s nominal rates for finalized electricity retail rates of between 0.03 and 0.15 euros per KWh.

In Greece, TTF gas index reductions do not directly impact the electricity market as power suppliers base their price levels on gas prices of the previous month.

The country’s electricity prices are greatly shaped by natural gas prices as natural gas typically represents approximately 40 percent of the Greek energy mix.