RAE, the Regulatory Authority for Energy, has completed an inquiry into windfall profits earned by electricity producers during the energy crisis and is set to forward its results to the government and energy ministry this coming Friday, once they have been endorsed by the authority’s board, energypress sources have informed.
The inquiry covers the period up to the end of 2021. The government has announced windfall profits will be heavily taxed.
To determine profits in electricity production, RAE officials took into account electricity production-unit profit levels every 15 minutes, the frequency at which energy exchange offers are made, for all facilities of all production technologies (natural gas, lignite, renewables) and then compared these results to annual profit figures posted by each producer.
Though the amount of windfall profits resulting from RAE’s inquiry is not yet known, the results are not expected to be spectacular, according to energypress sources.
Just over a month ago, Prime Minister Kyriakos Mitsotakis announced that a 90 percent tax rate will be imposed on windfall profits earned in electricity production.
RAE will follow up with an inquiry into possible windfall profits in the wholesale and retail gas markets, as well as electricity supply.