October tariffs down, subsidies to reward lower power usage

Supplier electricity tariffs for October, due to be announced tomorrow, will be lower compared to September levels and are seen ranging between 0.599 and 0.680 euros per KWh.

A recently introduced market rule requires suppliers to provide their next month’s prices by the 20th of the preceding month.

Pricing for next month has proven very difficult to calculate as market conditions remain very fluid, TTF index prices changing continuously, market officials noted.

However, Greek market peculiarities, factoring in natural gas prices with some delay, are expected to result in lower retail electricity prices next month, the officials explained.

A day after October’s electricity tariffs are announced, the government plans to release a new subsidy formula, to become effective October 1.

According to sources, three consumption level categories will be established, the subsidies to be offered for each inversely related to electricity usage. For example, consumers with usage placing them in the highest consumption category will receive the lowest subsidies and vice versa.

Also, higher-usage consumers in lower subsidy categories will be elevated to the next highest subsidy category if they can reduce consumption by 15 percent compared to a year earlier.