Power price hikes between 2005 and 2014, not 2005 and 2016, PPC reacts

The cost of electricity in Greece has increased by 150 percent for households and 44 percent for businesses between 2005 and 2014, not between 2005 and 2016, as claimed in a Bank of Greece report released this week, the state-controlled main power utility PPC has reacted.

Greece’s governing Syriza-led coalition was first elected into power in January, 2015.

Electricity prices in Greece have not increased but instead fallen since 2015 as a result of a 15 percent discount offered by PPC to punctual customers, the power utility stressed in its announcement. Newly arrived rival independent electricity suppliers needing to remain competitive were forced to follow suit.

PPC introduced its 15 percent discount approximately two years ago while holding a 95 percent share of the country’s retail electricity market. Since then, the still-dominant utility’s market share has contracted only slightly and remains well over 80 percent.

The Bank of Greece is an important body influencing the country’s economic activity, PPC noted, while adding that PPC was forced to intervene and highlight inaccuracies in its latest energy-sector report.