Power utility PPC keeps October tariffs unchanged

Power utility PPC, the Greek retail electricity market’s dominant player, has announced unchanged nominal tariffs for October.

PPC’s October tariff, for monthly consumption of up to 500 kWh, was left unchanged at 15.5 cents per kWh, as was the supplier’s tariff for consumption levels exceeding this limit, unchanged at 16.7 cents per kWh. The supplier also set a nighttime consumption rate of 11.4 cents per kWh.

Local electricity market rules require suppliers to announce nominal tariffs – not including subsidies – for each forthcoming month by the 20th of every previous month.

Elsewhere, Elpedison set a tariff of 8 cents per kWh for its Value program. Heron announced an October tariff of 13.32 cents per kWh for its Simply Generous Home offer, including a 15 percent quantity-indexed discount, applicable six months on. Heron’s new Generous Guarantee Home program, combining a tariff upper limit of 17 cents per kWh and a punctuality discount of 10 percent, was set at 8.55 cents per kWh.

Protergia announced a rate of 8.88 cents per kWh for its Value Plus package. Watt+Volt announced a nominal tariff of 8.88 cents per kWh for its Value+ program. NRG set a tariff of 8.7 cents for its On Time+ program, including a 40 percent punctuality discount.

Zenith announced a rate of 7.9 cents per kWh for its Power Home for All program and a nighttime tariff of 6.9 cents per kWh. The supplier’s Power Home Go Electric program offers a daytime tariff of 7.5 cents per kWh and a nighttime rate of 6.5 cents per kWh.

Volton set a tariff of 9.45 cents per kWh, including a punctuality discount, for its Volton Energy Control program, whose rate without the discount works out to 12.60 cents per kWh. The company’s new Volton Energy Free program, offered free for the first month and including a punctuality discount, was set at 9.92 cents per kWh. This package’s tariff without the punctuality discount is 12.4 cents per kWh.

Fysiko Aerio kept its October tariff unchanged, offering a rate of 12.4 cents per kWh for its Maxi Free+ program, which, when factoring in an attached punctuality discount, drops to 9.2 cents per kWh.

Elin lowered its October tariff for the company’s Power On! Home Bonus package by 5 percent. As a result, the current month’s tariff of 13.5 cents per kWh for this package will be reduced to 12.8 cents per kWh, including a punctuality discount, in October.

Market’s return to normality to include tariff transparency plan

RAEEY, the Regulatory Authority for Waste, Energy and Water, is preparing measures for the retail electricity market’s return to normality, scheduled for January 1, following a recent extension of suspended indexation clauses until the end of the year.

More specifically, the authority has two decisions in the pipeline. The first decision pertains to the implementation of tariff transparency labeling. The second decision concerns establishing a framework for the retail electricity market’s return to normality at the beginning of 2024.

The authority plans to introduce the use of specific colors for documents containing pre-contractual information in order to help consumers easily identify categories of supply contracts available on the market and understand their charges. Fixed and variable tariffs, for example, will be associated with documents of specific colors.

The authority recently announced an initial plan including four types of electricity supply products – a variety of variable and fixed tariff options – but RAAEY officials have since clarified it was merely indicative as electricity retailers will retain the autonomy to customize and shape their product offerings according to their preferences.

 

Higher gas prices to push up September electricity tariffs

Significantly higher natural gas prices in international markets over the past few days will lead to wholesale electricity price increases of between 10 and 15 percent next month, compared to August, in Greece’s day-ahead market, market officials anticipate.

The country’s electricity retailers will be announcing their nominal tariffs for September on the 20th of this month, a monthly procedure required by market rules.

It is estimated that most electricity suppliers will use better-than-expected revenues in August to subdue their tariff increases for September.

Even so, if the price-rise projection is confirmed, then electricity retailers can be expected to announce residential tariffs starting from 10 cents per KWh, including punctuality discounts, and reaching as high as 19 cents per KWh.

Power utility PPC’s pricing policy for next month will be pivotal in shaping the decisions of rival suppliers given the influence the energy company maintains over the market as a result of its dominant market share.

Also, the price levels set by PPC for September will hold significant sway in the government’s determination of whether to provide subsidies and, if so, the extent of such financial support.

PPC prices up 25% since freeze of indexation clause a year ago

Though a suspension of electricity-bill indexation clauses that came into effect last August has offered consumers far greater transparency on charges, tariffs offered by power utility PPC, the dominant retail player, have since risen by 25 percent, if not taking into account subsidies offered as energy-crisis support.

The power utility’s tariffs averaged 34.69 cents per KWh over the past twelve months, but would have averaged 27.77 cents per KWh during the period had the indexation clauses remained active, a survey conducted by energypress has shown.

Last August’s suspension of electricity-bill indexation clauses has resulted in higher-priced electricity tariffs at PPC for seven months, compared to the equivalent months a year earlier.

Also, modest reductions were recorded in February, April, May and July, while a more substantial year-to-year reduction of approximately 5 cents per KWh was recorded in August, 2022, when indexation clauses were first suspended.

The energy ministry recently decided to extend the suspension of electricity-bill indexation clauses until December. The suspension was originally due to end September 30.

 

PPC, independent suppliers announce unchanged tariffs

Power utility PPC, the Greek retail electricity market’s dominant player, and the country’s independent suppliers have announced unchanged nominal tariffs for August, compared to levels offered in June and July.

Local electricity market rules require suppliers to announce their nominal tariffs for each forthcoming month by the 20th of every previous month.

PPC’s August tariff for monthly consumption of up to 500 kWh was left unchanged at 0.155 euros per kWh, as was the supplier’s tariff for consumption levels exceeding this limit, unchanged at 0.167 euros per kWh.

The power utility’s decision to maintain its nominal tariffs at these levels suggests the government could once again offer low-voltage consumers subsidies in August. Consumers were offered subsidy support of 0.015 euros per KWh for June and July, when PPC’s nominal tariffs were equivalent to the levels just announced for next month.

Elsewhere, Heron announced an August tariff of 0.0855 euros per kWh for its Simply Generous Home offer, including a 10 percent discount for all, as well as a tariff of 0.1416 euros per kWh for its Generous Home offer, including a punctuality discount. Without this discount, the offer’s tariff level rises to 0.1770 euros per kWh.

Protergia announced a tariff of 0.0946 euros per kWh for its Protergia Home Value package and a 0.1098 euros per kWh tariff for its Home MVP Reward offer.

Elpedison set tariffs of 0.08 euros per kWh for its Elpedison Green Economy offer and 0.148 euros per kWh for its Elpedison Punctuality Day offer.

Fysiko Aerio announced a tariff of 0.085 euros per kWh. Volton set a tariff of 0.0945 euros per kWh, including a punctuality discount, and 0.1260 euros per kWh for its Volton Energy Control package, without a punctuality discount.

NRG set a tariff of 0.0959 euros per kWh, including a 30 percent punctuality discount, for its NRG On Time offer, which reaches 0.137 euros per kWh without the discount.

Zenith announced a tariff of 0.173 euros per kWh for its Zenith Home Basic offer, for monthly consumption of up to 270 kWh, and a tariff of 0.144 euros per kWh for its Zenith Power Home Now offer.

Watt & Volt announced a rate of 0.1098 euros per kWh, including a punctuality discount, for its Watt & Volt Reward package.

Elin set a tariff of 0.12 euros per kWh, with a punctuality discount, for its Elin Power On! Home Bonus package. Volterra announced a rate of 0.1398 euros per kWh.

Adjustment period for return to normalized power market

The energy ministry appears to have reached a decision to not extend the duration of emergency measures for the retail and wholesale electricity markets beyond a September 30 expiry date, but an adjustment period smoothening the return to normalized market conditions seems likely, energypress sources have informed.

An announcement on details concerning the termination of emergency measures, introduced last summer, is expected to be made today during Prime Minister Kyriakos Mitsotakis’ scheduled visit to the energy ministry.

Electricity supplier calls for a short adjustment period, during which consumers would be informed on new products and tariffs, appear to have been heeded at the energy ministry.

The ministry is now expected to proceed with a legislative revision that will set out the transition towards normalized retail market conditions, including the reactivation of indexation clauses in electricity bills.

Transitional tariffs are expected to be a fundamental part of the return to normalized market conditions. The legislative revision is also seen shortening the notification period suppliers will be required to offer customers on forthcoming changes from 60 days to 30 days.

As a result, given the anticipated end of emergency measures on September 30, suppliers will need to inform customers on prospective electricity tariff and product changes by August 31, not July 31.

Power suppliers seen lowering August tariffs by up to 5%

A large number of electricity retailers are expected to announce reduced tariffs for August, driven by lower wholesale natural gas costs, down to roughly 25 euros per MWh from recent levels of between 32 and 35 euros per MWh at the TTF index.

The tariff drop, expected to reach as much as 5 percent, including discounts, should result in a retail price range of between 0.07 and 0.175 euros per KWh for consumers.

By law, suppliers need to announce their nominal tariffs – not including subsidies – for every forthcoming month by the 20th of each previous month.

It remains unknown if the energy ministry will offer consumers electricity subsidies for August. If it chooses to do so, the aforementioned price levels will drop even lower.

Meanwhile, the government will soon need to make decisions concerning the electricity market’s transition from subsidy support for consumers to the return of indexation clauses, currently suspended.

According to sources, the energy ministry has yet to make final decisions and is discussing details with RAAEY, the Regulatory Authority for Waste, Energy and Water.

Most electricity suppliers have called for a gradual crossover through maintenance of the current framework for an additional two to three months beyond September 30, when emergency measures are scheduled to end.

Transitional post-crisis period of variable tariffs considered

The energy ministry is examining the prospect of bridging, over a two to three-month adjustment period, the country’s return to a normalized electricity market, once emergency measures that were introduced early in the energy crisis are eventually lifted, most probably on September 30.

The ministry is considering to introduce transitional tariffs for this adjustment period, which would begin October 1, in the form of variable tariffs whose price levels would be announced by suppliers on the 1st of each month.

The proposed adjustment period would offer consumers a smoother crossover from the current setting of emergency measures – they include a suspension of indexation clauses – to normalized market conditions as it would result in a supplier tariff-setting procedure that is similar to the current system.

Monthly tariff announcements by electricity suppliers would be made at the beginning of each month, compared to the 20th of each previous month, as is the case at present.

An adjustment period would provide suppliers additional time to finalize their post-crisis tariffs, while also giving electricity users sufficient time to choose supplier and product once the transition period has ended.

Details concerning a pricing formula that could be applied during the transition period have not been released.

 

Residential electricity tariff drops recorded across Europe

Residential electricity tariffs recorded notable reductions across Europe in June, a latest monthly survey conducted by the Household Energy Price Index has shown.

Following a month of stagnancy in May, European electricity tariffs returned to a downward trajectory that has been in progress since November.

According to the HEPI survey for June, covering 33 European cities, the majority of cities recorded electricity tariff drops, while some registered no change.

The biggest electricity tariff reductions last month, compared to May, were recorded in Stockholm (-13%), Lisbon (-9%), Brussels (-8%) and Vilnius (-7%).

Athens, Oslo, Riga, Madrid and London all recorded electricity tariff reductions of 3 percent.

Elsewhere, Helsinki tariffs fell 6 percent, while Copenhagen, Nicosia and Rome recorded drops of 5 percent. Amsterdam recorded a 2 percent decline.

On the contrary, residential electricity tariffs in Ljubljana rose by 11 percent in June.

Athens’ residential tariffs, both fixed and varying, averaged 25.71 cents per KWh in June, putting the Greek capital in 13th place among the 33 European cities surveyed.

Athens’ tariff average for June was just below the European residential tariff average of 25.82 cents per KWh.

Residential tariffs were driven lower in June by a fall in wholesale market prices, attributed to a number of reasons, mainly reduced consumption, mild weather and increased supply, particularly due to high renewable energy production, the HEPI survey noted.

Suppliers preparing offers for new market conditions

The retail electricity market’s imminent new reality, to be established once emergency measures have been terminated, will bring about a new generation of tariff offers which suppliers have been working on feverishly over recent months.

These can be grouped in three categories offering cost-plus variable tariffs, a variety of packages based on indexation clauses, as well as fixed tariffs for short-term periods, usually one or three months long.

Emergency energy market measures, introduced last year to help combat the effects of the energy crisis, will be lifted either October 1, according to plans by authorities, or December 1, as many suppliers are seeking an extension to prepare for new market conditions that will no longer offer consumers subsidy support.

Electricity suppliers will look to establish tariff-related that are as simple as possible for consumers to understand, the intention being to facilitate sales of offers.

Marketing and sales departments at energy companies are currently working overtime to prepare new electricity supply packages, hoping the energy ministry will heed their calls for a two-month extension before emergency measures are lifted.

Suppliers have made clear their concerns over how long it will take consumers to adjust to the new market conditions without subsidy support.

 

 

PPC basic tariff unchanged at 15.5 cents/KWh for July

Power utility PPC, the Greek retail electricity market’s dominant player, has announced an unchanged basic low-voltage tariff for July, resetting its offer at 15.5 cents per KWh for monthly consumption of up to 500 KWh.

It remains unclear – for the first time since subsidies were introduced during the energy crisis – if the state will continue offering consumers cost support next month. The new government to emerge from the general election’s second round of voting this Sunday will decide on the issue.

PPC set a July tariff for monthly low-voltage consumption in excess of 500 KWh at 16.7 cents per KWh.

Ahead of the ongoing general election, the incumbent center-right New Democracy government provided subsidies worth 1.5 cents per KWh for June.

This support reduced PPC’s basic tariff to 14 cents per KWh and the tariff for consumption exceeding 500 KWh to 15.2 cents per KWh.

Based on recent rules introduced during the energy crisis, electricity suppliers are required to announce their tariffs for each forthcoming month by the 20th of every preceding month, the purpose of this demand being to intensify competition.

Protergia announced a July tariff of 11.15 cents per KWh for its Protergia Value program. Heron set a July price of 14.32 cents per KWh for its GENEROUS program as well as a tariff of 8.55 cents per KWh for its SIMPLY GENEROUS HOME, including a 10 percent discount. Elpedison announced a tariff of 17.90 cents per KWh for its Elpedison Economy program.

NRG set a July nominal tariff rate of 13.20 cents per KW. Volterra’s electricity tariff for household and business consumption was set at 13.98 cents per KWh. Volton’s offer was set at 9.45 cents per KWh, including a punctuality discount, and 12.60 cents per KWh without this discount.

Watt+Volt announced a tariff of 11.15 cents per KWh for its Value program. Zenith’s offer is 14.40 cents for its Power Home program.

Fysiko Aerio’s residential MAXI FREE+ program offers a tariff of 9.20 cents per KWh, including a punctuality discount.

Elin set a July rate of 12.5 cents per KWh for its Power On! Home Bonus, including a punctuality discount.

 

 

 

 

 

TTF index brief surge keeps suppliers cautious on prices

A brief surge of the TTF gas index on June 15, lifting wholesale prices by approximately 80 percent, compared to June 1, to over 41 euros per MWh from 23 euros per MWh, came as a clear reminder that the energy crisis is not yet over and will keep electricity retailers cautious about their pricing policies.

Electricity suppliers can be expected to act carefully and disrupt hefty price cuts when they make announcements tomorrow on their retail prices for July.

Based on recent market rules, suppliers are required to announce their respective electricity tariffs for each forthcoming month by the 20th of every preceding month.

According to sources, July’s retail electricity price levels should remain virtually unchanged, while some marginal reductions have not been ruled out.

Market players have pointed out that, besides the market’s volatility, two taxes are also affecting their ability to subdue retail electricity prices in the Greek market.

One of the two taxes is a 5 percent levy on the TTF index price of gas purchased by domestic electricity produces for their power plants. The other is an energy supply security tax of 2.5 euros per MWh. The two taxes combined increase electricity prices by between 9 and 10 euros per MWh as they are passed on to consumers.

It remains unknown if retail electricity prices in July will be subsidized by the caretaker government. This will become clear following next weekend’s second round in the country’s general election.

 

 

RAAEY’s new retail tariff plan restrictive, suppliers warn

Four types of retail electricity products proposed by RAAEY, the Regulatory Authority for Waste, Energy and Water, including two with variable tariffs, generally cover all options that have been made available to consumers until now but will, to a certain degree, restrict the development of new products, electricity suppliers have told energypress.

RAAEY has just forwarded its package of electricity products for consultation, a procedure to be completed on June 19. The authority plans to launch the new tariff categories on October 1, when emergency energy-crisis measures are planned to be withdrawn.

Suppliers, in their comments to energypress, admitted the authority’s four types of electricity tariffs proposed will offer greater transparency for consumers but result in an overregulated market of standardized and homogenized products.

Suppliers also made note of strict specifications attached to the two types of variable tariffs.

Certain suppliers also complained that the new measures will significantly increase their workload for an additional cost which they will be expected to shoulder.

RAAEY introducing four new retail electricity tariff options

A currently suspended indexation clause included in electricity bills for households and businesses will be replaced by a new framework offering consumers four different types of tariffs as of October 1.

RAAEY, the Regulatory Authority for Waste, Energy and Water, has just forwarded the revised framework for consultation, a procedure to be completed on June 19.

Adjustments to the current plan could be made if any proposals made by participants promise improvement.

The country’s emergency energy-crisis measures adopted for the wholesale and retail electricity markets, including the suspension of an indexation clause included in electricity bills with variable tariffs, expire on September 30.

One of the emergency measures, which was introduced last August, has required power suppliers to announce their respective tariffs for each forthcoming month by the 20th of every preceding month. This measure was intended to intensify competition between electricity retailers.

As of October 1, consumers will be able to choose from four types of electricity supply products, including two with variable tariffs, whose levels will be determined by a formula factoring in wholesale market price levels, according to the RAAEY plan.

One of the four new products proposed by RAAEY offers consumers fixed tariffs for a set period. Another offers variable tariffs to be adjusted on the 1st of each month. The choices will also include a dynamic variable tariffs offer for consumers who have installed smart meters.

RAAEY, in its plan forwarded for consultation, has noted that penalties for premature departures by customers cannot be incorporated into supply agreements with variable tariffs as they would represent an “abusive” practice.

Non-restrictive power supplier switches by consumers to stay

Current rules enabling consumers to switch electricity suppliers without restrictions appear set to be maintained even though subsidies, introduced as an emergency energy-crisis support measure, are on the way out.

Market authorities are reportedly in the process of adopting recommendations and opinions of European officials and the consumer ombudsman, according to which electricity marketed with variable tariffs should not include penalties for premature termination of supply contracts as these restrict free competition and the right of consumers to choose products and services.

However, terms and conditions for premature departures by consumers holding fixed-tariff electricity supply agreements will continue to apply.

It remains to be seen whether an indexation clause enabling tariff adjustments on electricity bills will apply or not. RAAEY, the Regulatory Authority for Waste, Energy and Water, is currently calculating details ahead of a decision on this matter.

According to sources, the formula to be applied is likely to incorporate cost-related tariff adjustments.

Athens records Europe’s biggest tariff drop in May, HEPI study shows

Europe’s biggest reduction in residential electricity tariffs last month was recorded in Athens, a monthly study conducted by the Household Energy Price Index, covering European 33 cities, has shown.

Residential electricity tariffs in Athens fell by 11 percent in May compared to April, aided by the government’s ongoing subsidy support policy, while prices in most other cities surveyed remained virtually unchanged, the HEPI study showed.

Its authors noted that electricity price trends around Europe in May mark the end of a continual reduction in electricity prices since last October.

May’s residential electricity tariffs averaged 26.40 cents per KWh in Athens, placing the Greek capital 14th among the 33 cities surveyed.

The EU average for May was 26.52 cents per KWh, while the average tariff level for the 33 cities surveyed was 25.10 cents per KWh.

Dublin’s residential electricity tariff level for May was the highest among the 33 cities surveyed, reaching 47.12 cents per KWh, followed by London, at 46.23 cents per KWh, and Rome, at 42.81 cents per KWh.

Besides Athens’ 11 percent reduction in electricity tariffs last month, prices fell by 3 percent in Copenhagen and Stockholm, followed by Amsterdam, Berlin and Prague, where tariffs eased by 2 percent.

The biggest tariff increase last month was recorded in Riga, rising 16 percent. It was followed by Belgrade, where tariffs rose by 7 percent, and Helsinki, registering a 4 percent rise last month, as a result of the country’s reintroduction of a 24 percent VAT rate on electricity.

PPC announces €0.1550/KWh residential tariff for June

Power utility PPC, the retail electricity market’s dominant player and, as a result, trend setter, has announced just a mildly reduced tariff for June, to 0.1550 euros per KWh, from May’s price of 0.1590 euros per MWh, for monthly residential consumption of up to 500 KWh.

Factoring in the government’s electricity subsidies for June, already announced, PPC’s finalized price for next month is 0.1400 euros per KWh.

PPC’s June tariff – without subsidies – for consumption of over 500 KWh, has been set at 0.1670 euros per KWh, while its nighttime tariff is 0.1140 euros per KWh.

The country’s electricity suppliers announced their tariffs for next month on May 20, based on market rules requiring all suppliers to deliver their respective tariffs for each forthcoming month by the 20th of every preceding month.

Volton announced an offer of 0.099 euros per KWh, including a punctuality discount, as part of its Volton Energy Control package.

Volterra announced a price of 0.11980 euros per KWh, not including subsidies.

Elin set a rate of 0.129 euros per KWh, not including subsidies, for its Power On! Home Comfort package.

Watt+Volt’s price for June is 0.12650 euros per KWh, without subsidies.

NRG announced a tariff of 0.12200 euros per KWh for its NRG On Time offer, which drops to 0.10700 euros per KWh with subsidies and 0.07040 euros per KWh with a punctuality discount.

Zenith announced a price of 0.09900 euros per KWh without subsidies and 0.08400 euros per KWh with subsidies.

Protergia’s June offer is 0.150 euros per KWh, which falls to 0.1265 euros per KWh when factoring in subsidies.

Fysiko Aerio’s residential Maxi Free Basic package offers a tariff of 0.1550 euros per KWh without subsidies, which drops to 0.120 euros per KWh with subsidies and a punctuality discount.

Heron announced, for its Simply Generous Home package, a June tariff of 0.1250 euros per KWh that falls to 0.1125 euros per KWh when including a monthly 10 percent discount, and 0.0975 euros per KWh with subsidies.

 

Suppliers announce smaller-than-expected tariff reductions

Electricity suppliers have announced smaller-than-expected tariff reductions for June that do not fully reflect a sharp drop of the TTF gas index and deescalated wholesale electricity prices.

These modest tariffs reductions – announced by electricity suppliers on May 20, based on market rules requiring all suppliers to deliver their respective tariffs for each forthcoming month by the 20th of every preceding month – were attributed to two factors, one being the risk entailed, for suppliers, in this pre-notification requirement, valid until the end of September, at least.

Suppliers also decided against greater price reductions as a result of the government’s decision to announce its latest electricity subsidies package for a two-month period, covering May and June, instead of its customary one-month coverage, which would have been limited to May, in anticipation of the general election’s need for an interim government.

Essentially, suppliers have let the government’s electricity subsidies for June do the work for them.

The incumbent center-right New Democracy party is widely expected to seek a majority through a second round of voting seen taking place between one-and-a-half and two months from now, after yesterday’s general election left it several seats short of an outright victory.

Most electricity suppliers announced tariff reductions for June ranging between 0.005 to 0.01 euros per kWh, compared to May, while some suppliers offered reductions of between 0.02 to 0.03 euros per kWh. These reductions include subsidies that had previously been announced by the energy ministry.

 

New residential electricity cost reductions expected for June

The country’s electricity retailers, preparing to announce their offers for next month on May 20, as required by market rules, are expected to offer a new round of nominal tariff reductions for June, driven lower by a further decline of the TTF index.

The forthcoming month’s highest residential tariffs are likely to range between 0.14 and 0.17 euros per KWh, including the government’s electricity subsidies, usually revised monthly but covering both May and June this time around to avoid any election-related complications. Greece is scheduled to stage a legislative election this Sunday.

Suppliers are expected to reduce their nominal tariffs – not including subsidies – for June between 0.01 and 0.015 euros per KWh. As a result, finalized prices for next month’s residential tariffs may drop by as much as 0.03 euros per KWh.

The country’s electricity retailers are required to announce their nominal tariffs for each forthcoming month by the 20th of each preceding month.

Meanwhile, the government is working on extending emergency energy-crisis measures until September 30. These measures – a wholesale electricity market price cap; suspension of a price adjustment clause concerning electricity tariffs; penalty-free consumer switches from one supplier to another; and monthly supplier tariff announcements 10 days ahead –  were introduced last August and are due to expire July 1.

Two-month subsidy plan for possible election impasse

The energy ministry, until now announcing and revising, on a monthly basis, electricity subsidies provided to consumers, is examining the possibility of announcing such support for two months, covering May and June, as consumer protection against any possible sharp energy price rises during the period following the country’s May 21 legislative election, should it fail to produce a new government.

If so, a caretaker government will be sworn in to serve for an interim period of one to one-and-a-half months.

At this point, the energy ministry wants to confirm the availability of funds needed to cover two months of electricity subsidies before it makes an official announcement for May and June.

An announcement on a double dose of electricity subsidies could be made by energy minister Kostas Skrekas tomorrow.

The subsidy level to be offered for May is expected to be below the April level, which was set at 15 euros per MWh (0.015 euros per KWh).

The country’s electricity suppliers announced slightly reduced nominal tariffs (before subsidies) for May on April 20. Suppliers are required to announce their nominal tariffs for each forthcoming month by the 20th of every preceding month.

Lower electricity tariffs mean the government can contribute less subsidies to maintain finalized electricity costs at a level it desires.

 

New offers not posted by 20th of each month ‘not permitted’

RAE, the Regulatory Authority for Energy, seeking to restore order in the retail electricity market, has briefed suppliers that they cannot launch any new offers to consumers if these have not been announced by the 20th of each month, for each forthcoming month, as required by recently introduced rules.

The authority, in a document forwarded to all the country’s suppliers, has stressed that all offers intended for each forthcoming month must be announced by the 20th of each preceding month. No additional offers are permitted beyond this date, RAE underlined.

Although rules on this requirement were introduced approximately nine months ago, suppliers, in more recent times, have tended to wait for power utility PPC, the dominant market player, as well as for fellow independent suppliers, to announce their offers for each forthcoming month before adjusting accordingly with delayed offers of their own, as late as the next day.

Suppliers have been found to offer below-cost tariffs as temporary pullers aimed at luring new customers before adjusting these offers to regular rates.

In additional action, RAE also plans to develop a series of new price-related measures, including a price-comparison tool, a retail monitoring tool, a new data base, an energy-savings platform offering households tips, as well as a RAE online platform offering consumers advice over tariff disputes with suppliers.

 

 

PPC trims nominal tariff for May to 15.9 cents/KWh

Power utility PPC, the country’s dominant supplier and, as a result, price trendsetter, has announced a slightly reduced nominal tariff – without a subsidy deduction – for May, down roughly 3.5 percent to 15.9 cents per KWh from, 16.5 cents per KWh in April, for household monthly usage of up to 500 KWh.

By law, introduced last summer, all suppliers are required to announce their nominal tariffs for each forthcoming month by the 20th of each preceding month.

PPC set its nominal tariff for monthly electricity usage over 500 KWh at 17.1 cents per KWh from 17.7 cents in April.

Elpedison announced a nominal tariff of 12.5 cents per KWh for its Elpedison Economy package and a rate of 21.50 cents per KWh for its ElectricityHome Day package.

Heron set a nominal tariff of 19.40 cents per KWh for its Generous Home offer, which, when factoring in a punctuality discount, works out to 15.52 cents per KWh. Heron announced a nominal tariff of 14.2 cents per KWh for its Simply Generous Home offer, which includes a gift covering 10 percent of electricity usage.

Protergia announced a nominal tariff of 19 cents per KWh for its residential MVP Reward package, unchanged from its level set for April. Factoring in a punctuality discount offered by the company, this tariff level drops to 13 cents per KWh. Protergia has also launched a Protergia Home Value offer, priced at 13 cents per KWh for May. This offer does not include a punctuality discount.

Elsewhere, Volterra announced a nominal tariff of 18.8 cents per KWh for May; Volton set a price of 9.9 cents per KWh, including a punctuality discount, or 13.2 cents per KWh without; Zenith set a rate of 11.5 cents per KWh for its Power Home Now package; Watt+Volt announced a rate of 13.96 cents per KWh; Fysiko Aerio set a rate of 13 cents per KWh, unchanged from April and down to 10 cents per KWh when taking into account a discount for punctual electricity bill payments; and Elin announced a price of 13.9 cents per KWh for its Power On! Home Comfort package.

The energy ministry is expected, next week, to announce its subsidy support level for May. If this support amount is unchanged compared to the previous month, finalized residential retail tariffs will be slightly lower in May.

 

 

 

No major tariff changes seen for May, support maintained

Next month’s retail electricity tariffs, due to be announced tomorrow by the country’s suppliers, are expected to remain largely unchanged compared to the previous month as a result of low prices at the TTF index and relative stability at the energy exchange.

By law, introduced last summer, all suppliers are required to announce their nominal tariffs for each forthcoming month by the 20th of each preceding month.

If the forecasts for May price levels are confirmed, nominal tariffs – not including subsidies – offered by suppliers will range between 0.105 and 0.1995 euros per KWh.

If the energy ministry decides to subsidize electricity bills for yet another month, as it has done throughout the energy crisis, then households can expect finalized retail prices to range between 0.09 and 0.1845 euros per KWh.

Though energy prices have deescalated considerably since the start of the energy crisis, authorities are expected to keep offering support to consumers until the end of the year.

The energy ministry has just launched an online platform, e-katanalotis, on which electricity users may check tariffs offered by suppliers.

Local tariffs down in March, reflecting European trend

As was the case in most parts of Europe last month, retail electricity prices also fell in Greece in March, monthly research conducted by HEPI, the Household Energy Price Index, covering 33 European cities, has shown.

The study attributed this price drop to lower wholesale electricity prices, prompted by mild weather conditions and lower demand, as well as subsidy support measures adopted by governments throughout Europe to ease the energy crisis’ cost burden on households.

In Athens, the average price of electricity tariffs, both fixed and floating, dropped by 1 percent in March, compared to February, reaching 30.48 cents per KWh, above the EU average of 27.47 cents per KWh.

According to the HEPI study, electricity tariffs in March also fell in Rome (-14%), Vienna (-8%), Talin (-7%), Copenhagen, Dublin, Madrid, Riga and Stockholm, all down 5%, while, like in Athens, tariffs also fell by 1% in Berlin, London and Oslo.

On the contrary, some cities registered electricity tariff increases. They rose 14% in Helsinki, 2% in Nicosia, and 1% in Brussels and Paris.

Athens’ average price for floating tariffs was 26.38 cents per KWh, well below an average of 32.51 cents per KWh resulting from a sample of 15 European cities, the HEPI study showed.

April electricity tariffs to fall by at least 2 cents per KWh

Electricity supplier tariffs for April, due, by law, to be announced by midnight, will be at least 2 cents per KWh below levels set for March, while a number of independent suppliers may even offer greater reductions of as much as 5 cents per KWh, sources have informed.

Recently introduced law requires the country’s electricity suppliers to announce their retail tariffs for each forthcoming month by the 20th of every preceding month.

The anticipated tariff reductions for April will not result in lower energy costs for users, but the government, which has been providing subsidies – through the Energy Transition Fund – during the energy crisis to maintain residential tariffs at between 15 and 16 cents per KWh, will be able to decrease its outlay on subsidies while keeping tariffs at the desired level.

Lower wholesale electricity prices and a current de-escalation of natural gas prices in international markets are the key reasons behind the anticipated reduction in electricity tariffs.

Intraday market electricity prices during the first half of March were approximately 20 percent less than a month earlier and nearly 55 percent below prices recorded in December.

November electricity prices, out tomorrow, down 15-20%

The country’s electricity suppliers, now finalizing their pricing policies for next month, are expected to announce, tomorrow, reduced tariffs for November, down by 15 to 20 percent compared to the current month’s levels, sources have informed.

Based on new law, suppliers are required to announce their electricity prices for the forthcoming month by the 20th of each preceding month.

Supplier tariffs, sources informed, should range between 0.45 to 0.50 euros per MWh, which, if confirmed, will result in a reduction of between 15 and 20 percent, compared to October’s prices.

The government’s level of subsidy support for electricity bills next month has yet to be announced. Given the current de-escalation in electricity prices, the government may choose to only rely on the Energy Transition Fund for next month’s subsidies and not use any budget money for this purpose, sources said.

Market analysts are projecting further electricity price reductions until the end of the year as a result of a drop in TTF natural gas prices. The Dutch index has fallen by 66 percent since an August 26 peak of 349.90 euros per MWh, reaching 116.45 euros per MWh yesterday.

The EU’s overachievement of gas storage levels, now averaging 91 percent of capacity, as well as an abundance of LNG supply to Europe, are key factors that have driven down the TTF.

 

PPC’s October tariff down 25%, similar cuts by all players

Power utility PPC, the dominant retail player, has announced an October tariff for households of 0.595 cents per KWh, 25 percent lower than the September tariff offered by the utility.

This 25 percent month-to-month reduction rate more or less applies for October household tariffs offered by all the country’s suppliers, who have just announced their tariffs for next month.

Under new market rules, electricity retailers must announce their tariffs for forthcoming months by the 20th of each preceding month.

PPC’s tariff of 0.595 cents per KWh is for monthly consumption of up to 500 KWh. The utility’s tariff for consumption over this level was set at 0.607 euros per KWh.

Protergia announced an October household tariff of 0.57630 euros/KWh. Elpedison’s October tariff was set at 0.5905 euros/KWh. Heron’s new tariff is 0.698 euros/KWh, with a punctuality discount rate of 20 percent that reduces its level to 0.5584 euros/KWh. Elsewhere, October household tariffs are: Volterra, 0.685 euros/KWh; Fysiko Aerio, 0.594 euros/KWh; Zenith, 0.589 euros/KWh; Watt+Volt, 0.5890 euros/KWh; Elin, 0.599 euros/KWh; Volton, 0.589 euros/KWh.

In September, the government spent 1.9 billion euros on electricity subsidies to contain retail prices at levels of between 14 and 16 cents per KWh.

Subsidies for October, to be inversely related to consumption, are scheduled to be announced today.

October tariffs slightly lower than September levels

Electricity tariff levels for October, to be announced late tonight by electricity retailers, are expected to be lower than September’s levels but still higher than August prices, energypress research has shown.

The anticipated retail electricity reduction has been attributed to a recent reduction in natural gas prices at the Dutch TTF hub.

Most suppliers are expected to set their tariffs for October at levels between 60 and 68 cents per KWh, while prices, by some suppliers, slightly below the level of 60 cents per KWh, have not been ruled out.

Under new market rules, electricity retailers must announce their tariffs for forthcoming months by the 20th of each preceding month.

September’s tariffs ranged between 68 and 80 cents per KWh, well over August’s levels of between 47 and 58 cents per KWh.

The government is seeking to stabilize prices for consumers through a latest subsidy package, whose amounts offered will be inversely related to consumption levels. It will be implemented as of October 1.

According to sources, highest subsidies will be offered to consumers making a low-consumption category, to be set at a maximum of 500 KWh per month. Slightly lower medium-category subsidies will be offered to consumers using between 501 and 1,000 KWh per month, while consumers exceeding 1,000 KWh per month will be offered the smallest level of subsidies, the sources added.

Higher-level energy consumers who succeed to reduce electricity usage by at least 15 percent compared to a year earlier will be transferred to the next-highest subsidy category, the sources informed.

Natural gas subsidies are expected to be universally applied.

 

 

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.

 

 

 

August floating-rate electricity tariffs up 14% in Athens

Retail electricity price increases were highest in Athens in August, a monthly 33-city Household Energy Price Index survey conducted by energy research and consultancy firm Vaasaett has shown.

Athens’ retail electricity price increase for August was estimated at 34 percent, a rise that falls to 14 percent if fixed tariffs, far more expensive, are not factored into the calculations.

In Athens, fixed-rate tariffs are priced two to four times higher than floating-rate tariff deals offered by electricity suppliers.

Athens’ 14 percent price increase in August is a more realistic result than the study’s 34 percent rise, which takes into account fixed-rate deals, as virtually all consumers are not favoring fixed-tariff agreements given the far greater cost entailed.

The study bases its results on electricity tariffs offered by respective city market leaders, based on most recent market shares.

Fixed tariff-rate electricity deals are becoming increasingly uncommon, and more expensive, throughout Europe as suppliers are hesitating to offer such deals given the heightened level of market uncertainty.

In Greece, state subsidies are only available for consumers with floating-rate tariff agreements, making fixed tariff-rate deals even less popular.