HEPI

Electricity subsidies total €9.2bn over past 2 years

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Electricity consumers in Greece have received over 9.2 billion euros in subsidies over the past two years, the EU’s sixth highest amount, as a percentage of GDP, a support effort that has been instrumental in Greece’s battle to mitigate the impact of rising electricity prices on its population, the energy ministry has informed.

Greece has steadily recorded variable-tariff electricity price levels below the European average, especially since the summer of 2022, when the energy crisis began to take full force, and, subsequently, has ranked as one of Europe’s lowest-cost countries for retail energy, the energy ministry added, referring to regular data published by HEPI, Europe’s Household Energy Price Index.

The government’s electricity subsidies policy has continued to produce tangible results for consumers in Greece, protecting society and the economy, the ministry noted.

A subsidy-funding mechanism withholding windfall earnings of power producers in the wholesale market, and the suspension of indexation clauses in electricity bills, have both been extended until December 31 in order to assess the situation in international energy markets over the coming months and decide accordingly on the necessity of emergency measures, the ministry noted.

During this period, the ministry will also establish a suitable framework enabling suppliers to better inform consumers on products, while also promoting transparency and price-comparing ability, it added.

Residential electricity tariff drops recorded across Europe

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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.

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

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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.

Local tariffs down in March, reflecting European trend

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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.

Athens electricity prices ranked 15th among 33 EU cities

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Household electricity price levels in Athens were slightly below the EU average for yet another month in December, ranked 15th among 33 European cities included in a Household Energy Price Index (HEPI) survey.

Household electricity prices in Athens averaged 0.30 euros per KWh in December, just under the EU average of 0.317 euros per KWh.

Residential electricity prices were highest in Brussels, Prague, Copenhagen, Rome, Berlin, Amsterdam, Dublin and London, ranging between 0.50 and 0.54 euros per KWh.

The biggest electricity price drops in December were recorded in Vienna (-39%), Berlin (-19%), Rome (-18%), Paris (-11%), Brussels (-8%) and Oslo (-5%), the HEPI survey showed. December prices in Athens fell by one percent.

Athens gas prices fall 55% in October, power up 2%, HEPI study shows

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Natural gas prices in Athens plunged 55 percent in October, compared to the previous month, while electricity price levels rose by just 2 percent during this period, making the Greek capital one of Europe’s cheapest for household energy, a monthly study conducted by the Household Energy Price Index, covering European cities, has shown.

Local energy subsidies have played a key role in subduing energy prices, coming as crucial support for households in Greece, where disposable income levels are well below European standards.

Athens ranks 17th – in terms of household gas cost – among 28 cities surveyed for the HEPI study. October’s 55 percent drop in household gas prices for Athenian consumers was Europe’s biggest drop for the month, the study showed.

On the contrary, significant natural gas price increases were recorded in a number of cities, including Rome (97%), Luxembourg (64%), Lisbon (58%) and Dublin (34%).

The cost of a kilowatt hour for households in Athens was 0.1235 euros, almost 0.06 euro per KWh less than the EU average of 0.18 euros.

Households in Budapest were charged less than Athenians for natural gas in October, the price level in the Hungarian capital averaging 0.0252 euros per KWh. So, too, were households in Belgrade, where the gas cost last month was 0.0353 euros.

On the contrary, the cost of natural gas was highest for households in Amsterdam, reaching 0.4208 euros per KWh, Copenhagen (0.4055 euros per KWh) and Vienna (0.3390 euros per KWh).

The HEPI study, which surveyed 33 European cities for household electricity cost in October, placed Athens in 15th place with a cost of 0.3022 euros per KWh, 0.05 euros per KWh below the EU average.

Greece ranked among Europe’s most affordable cities in terms of energy cost as a result of considerable electricity and gas subsidies offered in the country.

A total of 2.3 billion euros has been raised though an extraordinary tax on electricity producer earnings between July and the present to help fund government subsidies for household electricity.

Athens household power cost below European average in September

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The cost of electricity for Athenian households in September remained below the average of 33 European capitals, a latest monthly survey conducted by HEPI, the Household Energy Price Index, has shown.

Athens was ranked 16th in terms of retail electricity cost among the 33 European capitals, but rose to 11th place when purchasing power was taken into account.

Electricity cost increases continued in September in Athens and 12 other European capitals. In Athens, the cost of electricity rose 1.15 percent compared to the previous month.

As for natural gas, the setting is quite different, Athens being the 4th most expensive European capital city, following a 29 percent retail price increase in September compared to August, the third-biggest rise, according to the HEPI survey.

 

 

August floating-rate electricity tariffs up 14% in Athens

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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.

 

Athens among 4 European cities with July price cuts

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Household electricity prices in Athens fell by 7 percent in July, month to month, making the Greek capital one of just four European cities to register price reductions last month, a latest monthly survey conducted by HEPI, the Household Energy Price Index, has shown.

Retail electricity prices in Athens dropped to 0.218 euros per KWh, below the European average of 0.284 euros per KWh and slightly above the average retail electricity price for 33 cities included in the study, which ended July at 0.217 euros.

Athens was ranked 21st among the HEPI survey’s 33 participating cities in terms of retail electricity cost.

The Greek government’s electricity subsidy program for June and July exceeded 730 million euros per month and will cost over 1.1 billion euros for August.

Besides Athens, three other European cities experienced retail electricity price reductions in July: Vienna (-20%); Madrid (-12%); and Rome (-10%).

Europe’s highest retail electricity prices were recorded in London (0.630 euros per KWh); Copenhagen (0.530 euros per KWh); Rome (0.459 euros per KWh); Amsterdam (0.419 euros per KWh) and Prague (0.409 euros per KWh).

July’s biggest retail electricity price increases in Europe, according to the HEPI survey, were registered by: Vilnius (44%); Amsterdam (37%); London (25%); and Sofia (24%).

HEPI: Greece’s power cost in June below European average

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Electricity prices for Athenian households dropped 2 percent in June, compared to a month earlier, according to the results of a monthly study conducted by the Household Energy Price Index, covering 33 European cities.

The cost of electricity in Athens in June remained below the European average, according to the study, which ranked the Greek capital in 18th place among the 33 European cities surveyed.

Greece’s electricity subsidy program has helped contain energy costs in Athens to levels lower than many other European cities, the HEPI results highlighted.

The cost of electricity for households in Greece last month averaged 0.233 euros per kWh, below the EU-27 average of 0.2708 euros per kWh and the average of 0.256 euros per kWh for the 33 European cities included in the HEPI survey.

Helsinki and Tallinn recorded the biggest electricity price increases in June, up 14 percent, month to month, the HEPI survey showed. Minsk, Paris and Stockholm followed with 5 percent increases. Rome was next with a 4 percent increase. Riga and London recorded 2 percent increases.

On the contrary, Amsterdam recorded the biggest electricity price reduction in June, down 11 percent, followed by Berlin (7%), Oslo (4%), Vienna (3%) and Athens (2%), the HEPI figures showed.

 

Electricity cost up 13% in May, Athens prices among Europe’s lowest

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The cost of electricity for households in Athens increased by 13 percent in May, compared to the previous month, but prices in the Greek capital remain among Europe’s lowest, according to a monthly study conducted by the Household Energy Price Index, covering 33 European cities.

Ljubljana registered the biggest electricity price increase for households in May, up 29 percent, followed by Riga (26%), Dublin (18%), Athens (13%) and Prague (6%).

In terms of electricity price levels in May, Athens was ranked 16th among the 33 cities on the HEPI list, with a price of 0.2377 euros per KWh, below the EU-27 average of 0.2717 euroe per KWh.

The cost of electricity in London in May was 0.4975 euros per KWh, followed by Rome (0.4932 euros per KWh), Copenhagen (0.4871 euros per KWh) and Vienna (0.4744 euros per KWh).

Athens’ relatively lower price in May was attributed to the government’s subsidy policy, while the 13 percent price increase in May resulted from a reduction of subsidies in May compared to April as a result of a de-escalation in wholesale electricity prices.

The Greek government’s subsidy package for June will be worth slightly less than that of May.

Athens among Europe’s ten most expensive cities for energy

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Athens ranked among Europe’s ten most expensive cities for electricity and natural gas last December, according to a monthly Household Energy Price Index (HEPI) report.

The data, collected for the HEPI report by the regulatory authorities for energy of Austria (Energie Control) and Hungary (MEKH) in association with energy consulting firm VaasaEET, highlighted the skyrocketing electricity and gas prices around Europe.

The Greek capital was ranked sixth in terms of retail electricity cost in December, Athenian households paying an average of €0.315 per KWh.

Copenhagen was Europe’s most expensive city for electricity with a December average price of nearly €0.40 per KWh. The Danish capital was followed by London (€0.396), Brussels (€0.37), Berlin (€0.362) and Amsterdam (€0.343). These price levels include taxes.

Electricity prices averaged €0.24 for the EU and €0.23 for the total of 33 cities included in the survey.

The lowest electricity prices were recorded in Kiev (€0.0546), Belgrade (€0.0811), Budapest (€0.105), Podgorica (€0.105), Valletta (€0.123) and Sofia ((€0.123).

Athens recorded the biggest electricity price increase in December, compared to November, which reached 22 percent. The Greek capital was followed by Stockholm (17%), Warsaw (12%) and Amsterdam (11%).

Athens was also high on the list of natural gas prices for households, ranking seventh in December with an average price of €0.12 per KWh.

Stockholm topped this list with an average price of €0.234 per KWh, followed by Copenhagen (€0.194), Amsterdam (€0.19), Bern (€0.143), Rome (€0.13) and Vienna (€0.125).

Europe’s lowest natural gas prices, ranging from €0.025 and €0.05, were recorded in Kiev, Budapest, Belgrade, Bucharest, Warsaw, Bratislava, Zagreb and Riga.