Electricity supply company contributions to the RES special account managed by LAGIE, the Electricity Market Operator, have doubled the expected figure for November as a result of higher prices charged.

Electricity supplier contributions, which are revised weekly, averaged 10.60 euros per MWh in November, up from an average of 4.40 euros per MWh in October.

A bill was ratified in Greek Parliament last summer to increase the contributions of electricity supply companies into the RES special account.

A related study conducted by the Aristotle University of Thessaloniki, whose findings have been used by RAE, the Regulatory Authority for Energy, and the energy ministry for decision making, recommended an average price of 6.50 euros per MWh as the appropriate level for electricity supplier contributions to the RES special account.

The price level rose even further, to 13 euros per MWh  in early December, between December 5 and 11.

The Greek government increased electricity supplier contributions to the RES special account in order to combat the account’s persisting deficit which, if left unattended, would cause serious market distortions and devastate the country’s entire energy system through a domino effect. Consumers were subsequently spared of contributing increased amounts.