The energy ministry’s leadership will seek swift approval of a national plan for two-pronged intervention in the wholesale and retail electricity markets, intended to subdue energy prices, at a meeting with European Commission officials in Brussels today.
Energy minister Kostas Skrekas and the ministry’s secretary-general Alexandra Sdoukou will discuss the country’s plan with DG Energy technocrats. The government has announced the measures will be implemented July 1.
The measures include a suspension of wholesale electricity price adjustment clauses included in retail electricity bills as well as a wholesale price-cap mechanism.
These measures, however, will not necessarily keep tariffs steady. On the contrary, suppliers will, after informing customers, be able to adjust kilowatt hour prices based on their wholesale electricity purchase costs.
According to sources, Greece’s plan stands a strong chance of being approved by the European Commission as it essentially does not affect the target model and also includes a taxation measure for windfall profits earned by electricity producers, a measure repeatedly proposed by the European Commission.