Athens among 4 European cities with July price cuts

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%).

Fixed charge cap of 5 euros, over €500m raised in July for subsidies

The government has decided to implement a five-euro cap on fixed charges in electricity bills, energy minister Kostas Skrekas has told parliament.

It is the latest in a series of energy-crisis measures introduced by the government and comes after electricity suppliers opted to increase their fixed charges as a means of keeping their tariffs – the competitive aspect of electricity bills – as low as possible.

A new market mechanism’s revenues generated for the Energy Transition Fund, supporting the government’s electricity subsidies initiative, reached over 330 million euros in the first half of the month and could exceed 500 million euros by the end of the month, the minister told parliament. This sum nearly covers the monthly cost for subsidies.

The energy crisis, brought about by pandemic-induced market abnormalities, has been exacerbated by Russia’s war on Ukraine, which the minister described as “catastrophic, causing thousands of deaths, many of the victims being unarmed civilians, and beyond that, an enormous energy crisis that is feeding economic and inflationary crises, which we hope does not also lead to a food crisis.”

Power prices for August set at near 50 cents/KWh, over 1 billion Euros in subsidies to cover 90% of the rise

(upd: 12:00) PPC announced its new electricity bill at 0.486 euros/MWh, while other suppliers set their own bills higher.

The minister, Kostas Skrekas, announced that subsidies for energy consumers are going to reach 1.13 billion Euros in August. The goal is to cover up to 90% of the price increase for households, through subsidizing the price with 337 euros/MWh.

Earlier, energypress wrote: 

The country’s electricity suppliers are expected to announce today their respective electricity prices for August, power utility PPC’s price level expected to be slightly below 50 cents per KWh and those of all other players slightly above this level, which, in some cases, could exceed 60 cents per KWh, sources have informed.

Suppliers are expected to post their price levels for August on their company websites from 11am onwards. Suppliers had initially been given a 9am deadline but were then offered a two-hour extension to establish greater clarity on the day’s gas prices at the Dutch TTF index.

The level of the government’s electricity subsidies, expected to be announced imminently, is a crucial factor as it will determine the eventual prices to be paid by consumers.

The government has announced it intends to offer subsidies that will lower electricity prices for consumers to pre-crisis levels of around 20 cents per KWh, meaning subsidies are likely to be worth approximately 30 cents per KWh.

Based on new market rules, suppliers must announce, on a monthly basis, their prices for the next month by the 20th day of the preceding month.

 

August pressure for energy retailers, covering subsidies

Electricity and gas retailers fear even tougher financial times in August as the government’s increasing levels of energy subsidy support offered to consumers to offset rising wholesale energy prices and keep energy bills serviceable will force suppliers to use greater amounts of company capital for the effort, company officials have told energypress.

Energy suppliers need to commit company capital for customer subsidies in accordance with subsidy support packages announced by the energy ministry before they are reimbursed about a month later via the Energy Transition Fund, once DAPEEP, the RES market operator, has cleared related amounts.

The one-month period elapsing from the time suppliers cover subsidies, at their own cost, to their eventual reimbursement is pushing suppliers to their financial limits.

It should be pointed out, energy suppliers have yet to be reimbursed for subsidies they paid for in June, concerning consumption in May.

Tourism boom revenue will help fund winter’s energy subsidies

The Greek tourism industry’s strong revenue figures being generated this summer, which could exceed those of the record-breaking summer of 2019 if July’s heightened activity is sustained through August, will prove invaluable in financing energy subsidies needed in coming months.

At the current rate, Greece’s tourism industry could contribute between 19 and 20 billion euros to the budget, well over the budget forecast of 16 to 17 billion euros.

International authorities, including Fatih Birol, executive director of the International Energy Agency, are warning of even tougher times ahead.

European countries greatly dependent on Russian natural gas are scrambling for solutions ahead of next winter. Germany is seeking nuclear-energy assistance from France. Chancellor Olaf Scholtz has reiterated energy prices will remain high for some time yet. Italian energy company Enel has warned customers that it cannot guarantee gas and electricity prices will continue to be offered under current agreements.

Latest calculations indicate that Greece’s electricity bill subsidies for households and businesses could soon exceed one billion euros per month.

The country’s electricity subsidy cost for August is expected to greatly exceed July’s figure of 722 million euros, which was based on a cost of 240 euros per MWh, now over 300 euros per MWh.

 

August electricity prices could reach 50 cents per KWh

Electricity suppliers are set to announce their tariff rates this Sunday, price levels expected to reach as high as 50 cents per KWh, which would demand consumer subsidy support worth over one billion euros for the month to keep electricity bill costs serviceable at a cost of approximately 15 cents per KWh for households and 16 to 17 cents per KWh for businesses, the government’s objectives.

According to some estimates, monthly Energy Transition Fund sums needed for the government’s support package could reach closed to 1.5 billion euros.

TTF natural gas contracts for August are at a level of 165 euros per MWh and are not expected to deescalate easily. Energy exchange prices have skyrocketed to levels of between 340 and 370 euros per MWh.

Such price levels are expected to force electricity suppliers to announce retail prices of 50 cents per KWh for August this coming Sunday, exorbitantly high considering June and July levels were at about 35 cents per KWh without subsidies.

 

July power subsidies 20 cents per KWh for all households

Electricity bill amounts for all households will be subsidized at a rate of 20 cents per KWh for consumption in July, without any upper limits and regardless of income levels, energy minister Kostas Skrekas has announced.

The total value of the government’s subsidy package for July is expected to reach 722 million euros, a 300 million-euro increase compared to June.

Besides the universal amount to be offered to all households, July’s electricity consumption for low-income households eligible for social support will be subsidized 240 euros per MWh, a rate fully absorbing the month-to-month increase.

In addition, electricity consumption concerning businesses with 35-kVA connections will be subsidized at a rate of 192 euros per MWh, while all other businesses and industries will be supported with subsidies worth 148 euros per MWh for July.

Furthermore, natural gas subsidies for industrial consumers will be subsidized at a rate of 30 euros per thermal MWh, according to the government’s support package.

Commenting on the government’s energy-security plan should Russian gas supply to Greece be disrupted, Skrekas, the energy minister, noted that the capacity of the Revythoussa LNG terminal on the islet just off Athens will be doubled with the installation of an FSU, expected to be ready to operate by the end of this month.

LNG imports will be increased, the minister noted, adding that power utility PPC’s new lignite-fired power station Ptolemaida V will be ready to operate in September. This facility will convert to gas later on. Also, five diesel-fueled units are ready to be used, if necessary, the minister informed.

New electricity market model launched, PPC role pivotal

A new model for the country’s electricity market, intended to contain soaring prices brought about by the energy crisis, comes into effect today with the introduction, as a first step, of price caps in the wholesale market, setting remuneration upper limits for electricity producers of all categories.

A ministerial decision expected imminently, possibly today, will set upper limits of 112 euros per MWh for hydropower facilities, 85 euros per MWh for renewables, 253.98 euros per MWh for natural gas-fueled power stations and 206.71 euros per MWh for lignite-fired power stations. These limits will remain valid for the first one-month period, starting today.

Any discrepancy between these upper limits and the average price of the day-ahead market will be transferred to the Energy Transition Fund for subsidy support.

The government hopes its plan will subdue electricity prices to levels of between 20 and 30 percent higher than last summer.

Calculations for a finalized electricity price per KWh, following the deduction of subsidies, will be based on state-controlled power utility PPC’s new price list. The government, guided by the utility’s new price list, will set a single price for all suppliers. The level at which PPC will set the bar remains to be seen. The company’s market dominance will set a standard for the entire market.

Though not yet confirmed, it is believed PPC will announce, by July 10, a nominal price of between 460 and 490 euros per MWh, meaning 46-49 cents per KWh.

PPC and all other players are abandoning a 30 percent discount offered to customers. PPC’s subsidies for hydropower and lignite units will now end up with the State, which is assuming the discount-policy role.

Gov’t aims to increase subsidy support to €450m per month

The government will seek to increase the value of its electricity subsidies to 450 million euros a month with the aim of lowering electricity prices for consumers to pre-crisis levels, when they were as low as 17 cents per KWh, roughly half the current levels of 30 to 35 cents per KWh, sources have informed.

The plan will begin taking shape as of July 1, when the government introduces price caps for electricity producers, whose windfall profits will be taxed to help fund the energy-crisis battle.

The overall effort will require government officials to be vigilant for fiscal leeway as figures in this domain can fluctuate from day to day.

Government officials have estimated that revenue from the EU’s Emissions Trading System could reach an annual sum of between 3.5 and 4 billion euros. This, however, will not suffice to fully cover the administration’s energy-crisis plan, meaning the government will also seek to utilize state budget money and all available EU support programs.

There is some concern about the government’s calculations for the second half of the year as they are based on the assumption of wholesale electricity price levels at 225 euros per MWh. However, the ongoing tension between the West and Russia over its invasion of Ukraine has driven wholesale electricity prices even higher, currently at 306 euros per MWh.

Gas conversion cost support key to further penetration of energy source

The government plans to soon launch a subsidy program offering households incentive to connect with natural gas networks, though coverage of conversion costs, Adonis Georgiadis, the minister for development and investment, has told an event staged by gas distributor Hengas in Kalamata.

The subsidy program will encourage a greater number of consumers, especially households, to make the switch to natural gas, Hengas officials pointed out to energypress.

According to Hengas’ business plan, entailing the development of natural gas networks and stations to cover 11 provincial cities around Greece, the Peloponnese cities of Kalamata and Sparta will be supplied compressed natural gas (CNG) by the first quarter of 2023.

Megalopoli, Tripoli and Corinth have been connected to the gas network ahead of schedule, Hengas has reported.

Hengas’ development plan, budgeted at 65 million euros and approved by RAE, the Regulator Authority for Energy, entails the development of natural gas networks and stations covering a total of 11 provincial cities – Tripoli, Corinth, Megalopoli, Edessa, Polykastro, Polygyros, Deskati, Naousa, Skydra, Kalamata and Sparti – either through direct connections with the country’s gas grid or CNG and LNG transportation.

Greece seeks over €3bn from new EU climate-change fund

The Greek government is seeking more than three billion euros from the EU’s new climate-change fund, roughly the cost of measures designed to reduce the cost of power bills, for its electricity subsidies program.

The distribution plan for the new climate-change fund, approved in European parliament last week, is expected to offer Greece 5.5 percent of its 57 billion-euro starting sum.

Distribution details are still being negotiated by the EU’s 27 member states. Environment ministers will meet in Luxembourg today.

The new EU fund is expected to gradually grow through contributions raised by an extension of the carbon tax system (ETS II), planned to also cover buildings and transportation. The rise in fuel prices is expected to contribute many billions of euros in extra revenues to the climate-change fund.

The plan to extend the carbon tax system (ETS II) into transportation has prompted a strong reaction from the sector, representatives fearing additional costs without incentives for a shift away from fossil-fuel usage.

Suppliers inspected for power bill clause, subsidy errors

RAE, the Regulatory Authority for Energy, has given electricity retailers until the end of this month to provide detailed data concerning electricity bills issued for all customers between September 1, 2021 and May 31.

The authority has requested this information to check on tariff charges, whether wholesale price adjustment clauses have been applied in accordance with agreements signed between suppliers and customers, and if government subsidies included in bills have been properly calculated.

RAE considers this inspection necessary as a result of consumer suspicions of charging errors against their interests.

Meanwhile, RAE is also conducting hearings on two separate issues involving twelve electricity retailers. The first issue concerns whether suppliers have notified consumers on time for tariff changes. The second issue being examined is whether supplier tariffs and sale programs are transparent.

Wholesale price adjustment clause set for suspension

The government is moving ahead with a plan to suspend a wholesale price-related adjustment clause included in electricity bills, to follow the ratification of a RES draft bill that includes an order for temporary implementation of a mechanism  enabling partial returns of day-ahead market earnings through a wholesale electricity market cap.

According to energypress sources, energy minister Kostas Skrekas appears to have accepted a RAE proposal calling for the suspension, as of July 1, of a wholesale price adjustment clause included in electricity bills.

The energy minister is expected to suspend the clause for a total of 11 months, from July 1 to June 1, 2023, through an energy supply code revision.

Electricity prices for consumers will be controlled through a combination of wholesale market intervention (caps on producer earnings) and subsidy support.

According to the plan, electricity suppliers, as of July 1, will have the choice of offering three types of tariffs: fixed; flexible with upper and lower limits; and flexible without upper and lower limits.

RAE report step towards wholesale clause suspension

RAE, the Regulatory Authority for Energy, has delivered a report on details concerning the planned suspension, for a year, of a wholesale price-related adjustment clause included in electricity bills by suppliers. The RAE report is the first step towards the suspension of the clause, planned as of July 1.

The energy ministry, the recipient of the report, will, as the sector authority, need to make a series of revisions to current electricity supply rules and, by extension, electricity bills, for the period during which wholesale electricity market measures will remain valid.

In practice, the RAE proposal means that the wholesale price-related adjustment clause will be removed from all existing tariffs that are currently not fixed.

Instead, a single charge for household and business category electricity will be introduced as part of the government’s wholesale market measures.

As of July 1, when the wholesale price-related adjustment clause is planned to be suspended, electricity suppliers will be able to offer three different types of tariffs – fixed, flexible with upper and lower limits, as well as flexible without upper and lower limits.

Existing electricity-bill customer agreements with wholesale price adjustment clauses will be converted to offer flexible price agreements, with our without limits, depending on the choice made by customers.

Subsidies will remain a key tool in the government’s effort to subdue energy costs for consumers.

Electricity price intervention mechanism to parliament

A legislative amendment enabling the implementation of an electricity-price intervention mechanism has been prepared by the energy ministry and will soon be submitted to parliament for ratification.

The amendment includes the framework of a temporary compensation plan for electricity producers, offers details on price-cap formulas for respective electricity production technologies, and also sets a time period for these extraordinary measures.

According to sources, the mechanism will be implemented next month, on July 1, and remain effective until June 1, 2023, while a series of technical issues, including determination of compensation levels for electricity producers, will be set through ministerial decisions.

Natural gas and lignite-fired power stations will not exactly be subject to price caps, but algorithms taking into account a series of factors will be applied to control prices, the sources said.

Based on current market conditions, the upper-level compensation price for natural gas-fueled power stations has been estimated at between 220 and 230 euros per MWh.

An upper-level compensation price of between 85 to 90 euros will be set for RES producers, while a compensation price of 100 euros per MWh is expected for hydropower stations.

According to the plan, the Hellenic Energy Exchange will withhold the difference between the market clearing price and compensation amounts for electricity producers, transferring these amounts to the Energy Transition Fund. These amounts, along with related state budget sums, will be utilized for electricity-bill subsidies, the aim being to keep the average retail price of electricity at approximately 0.145 euros per KWh.

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

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.

Subsidies remain key tool to counter steep energy prices

Electricity bill subsidies will remain the basic tool in the government’s policy seeking to offer households and businesses protection against the energy crisis’ exorbitant electricity prices, it has been decided at a Brussels meeting.

DG Energy and DG Comp authorities, in talks with Greek government officials, did not permit wholesale market measures for electricity purchases by suppliers at levels below the System Marginal Price, a lower cost that would then have been passed on to consumers.

Brussels officials had expressed hesitation from earlier on for a two-pronged solution entailing wholesale and retail market intervention as the European Commission wanted to avoid, at all costs, any impact on the target model, Europe’s unified electricity market.

As a result, energy minister Kostas Skrekas and the ministry’s secretary-general Alexandra Sdoukou arrived in Brussels yesterday with a simpler alternative plan that was shaped to be more compatible with the European Commission’s sensitivities.

 

Electricity market players greet support package with relief

The country’s electricity suppliers have welcomed energy-crisis support measures announced by the government late last week with relief as well as some uncertainty, especially concerning an existing wholesale price clause included in electricity bills and whether it will continue to apply or be suspended.

The support package has been embraced by the sector as it promises to offer electricity suppliers cash-flow relief, especially non-vertically integrated companies or energy companies generating limited quantities, through production-cost protection measures and lower electricity purchase costs for energy retailers.

Energy company fears of a rise in unpaid receivables as a result of increased difficulties faced by consumers to service electricity bills have also been appeased by a new round of subsidies included in the government support package.

The energy crisis of the past ten months has resulted in a domino effect spreading debt throughout the entire electricity market, including amounts owed to operators, as energy company have struggled to deliver regulated fees.

Retail, wholesale measures for crisis’ new support package

The government’s latest energy-crisis support measures, whose fundamentals were announced yesterday by Prime Minister Kyriakos Mitsotakis, will take immediate effect, beginning with subsidies for consumption in May and June. Details are expected to be announced by government officials early today.

These subsidies, according to sources, will be combined with a price cap in the wholesale electricity market as of July, as negotiations with the European Commission are ongoing and Brussels approval is needed, as was the case with Spain and Portugal.

The new subsidies are expected to absorb approximately 50 percent of electricity cost increases for households, while, combined with July’s anticipated price cap in the wholesale market, the support package will absorb between 70 and 80 percent of energy cost increases for households, businesses and farmers, according to government calculations.

The support package for households will, as has been the case over the past few months, continue subsidizing up to 300 kilowatt hours per month, but subsidy levels will fall from 72 euros a month in April to a monthly level of between 55 and 60 euros, which, in terms of energy-cost increase absorption, works out to the same percentage as the average electricity price ended lower in April compared to the previous month.

Based on this reasoning, May and June subsidies for businesses will also be slightly lower than the level of 130 euros per MWh offered in April.

The new support package will also subsidize monthly consumption exceeding 300 KWh at a rate of 10 cents per KWh for all households, not just principle residencies, as was the case with previous packages.

The wholesale electricity market price cap to be implemented is expected to keep the average price at a level of approximately 100 euros per MWh.

 

Gov’t planning more extensive energy-crisis support measures

Consumers are feeling increasingly disgruntled by exorbitant energy costs, turning into a political problem for the government, which is now aiming to intervene with measures that could offer protection and reasonable energy prices for as many households as possible.

The government has yet to decide on the details of its updated energy-crisis support plan for consumers but intends to implement measures absorbing nearly 80 percent of tariff increases resulting from a wholesale price adjustment clause included in electricity bills.

Government officials are still considering a number of approaches that could offer consumers energy-cost relief. These include a wholesale electricity market price cap, an increase in the current level of subsidies offered in the retail electricity market, or a combination of measures.

The breadth of the consumer protection measures, their financing, swiftness of implementation, obstacles and tools to be used to overcome these obstacles are key factors of the national plan.

Under the country’s current electricity subsidies program, limiting subsidies to monthly electricity consumption of up to 300 KWh, average-income households consuming big energy amounts and low-income households using electricity for heating have been left feeling exposed.

Over 1.5 million households around the country are believed to be unable to cope with current energy costs.

The cost of energy-crisis support measures offered so far is estimated at more than five billion euros, over a year. CO2 emission revenues, excess RES earnings injected into the Energy Transition Fund, the public service compensation account surplus, and the Recovery and Resilience Facility (RRF) have all been used to finance the support.

An additional one billion euros could be provided through the budget, along with any revenues that may result from a 90 percent tax on windfall profits in electricity production.

The government, it is believed, is preparing to offer a new, widespread solution budgeted at five billion euros over a one-year period. Its cost could be divided over the 2022 and 2023 budgets.

Government decisions are anticipated next week. Expectations for a European solution at the next summit of EU leaders, scheduled for May 30 and 31, are low.

Electricity, gas subsidies same for May, totaling nearly €600m

Electricity and gas subsidies covering household, professional and business consumption in May will most likely remain unchanged compared to the previous month, resulting in a support package worth a total of nearly 600 million euros.

The government is expected to officially announce its subsidy package for May within the next few days.

Wholesale electricity price levels have changed only slightly between March and April. The price level was over 242 euros per MWh from the beginning of April until yesterday, slightly below the level of 272.68 euros per MWh at the end of March.

Assuming energy subsidies will remain unchanged for consumption in May, households consuming up to 300 KWh in electricity can expect subsidy support, for the month, worth approximately 72 euros.

Professionals should receive subsidies worth 130 euros per MWh, while small and medium-sized businesses can expect subsidy support worth 230 euros per MWh for supply up to 25kVA.

Household natural gas subsidies should reach 40 euros per MWh.

 

April subsidies package offers a number of surprises

The government’s latest electricity subsidy package, concerning consumption in April, feature a number of surprises, including an 80 percent month-to-month subsidy increase for households, as well as doubled support for businesses.

Electricity subsidies for households in April have been increased to 72 euros, covering monthly consumption up to 300 kWh, from 40 euros in March.

This subsidy amount, combined with a 30 percent discount offered by electricity suppliers, will ultimately reduce the price of a KWh to approximately 15 cents, from a level of 39 cents.

Enterprises, including professionals, farmers, shops, and industries, stand to receive monthly subsidies of 130 euros per MWh, double the 65 euros per MWh offered in March.

Small and medium-sized enterprises will also receive an additional 100 euros per MWh, taking the total subsidy amount to 230 euros per MWh in an effort made by the government to help them remain afloat amid the adverse energy-crisis conditions.

This bonus-subsidy measure for April, worth an estimated 35 million euros, promises to offer energy-cost support for 1.16 million enterprises, including restaurants, shops, kiosks, hair salons, offices and bakeries.

Retroactive electricity subsidies will also be offered to students and consumers who rent homes and are responsible for electricity bills not under their names.

Auto fuel subsidies, grants in support package worth €1.1bn

A latest energy-crisis support package, worth a total of 1.1 billion euros, will offer consumers auto fuel subsidies of at least 15 to 20 cents per liter for up to 60 liters of fuel per month, an extraordinary allowance for lower-income individuals to average up to 300 euros, as well as 60-euro electricity subsidies for March.

An income-limit criterion of 30,000 euros will need to be met for auto fuel subsidies, while the income criterion for the extraordinary allowance is expected to be set at a lower level.

As has been the case with electricity subsidies until now, consumers will not need to meet any criteria to become eligible for this part of the support package.

Individuals seeking auto fuel subsidies will need to submit applications to a finance ministry-linked online platform so that authorities can check on vehicle ownership and income levels of applicants.

The full details of the package are expected to be announced by government officials early today.

At least half of the support package’s 1.1-billion euro sum will be covered by Energy Transition Fund money, while the rest will stem from the state budget.

April power subsidies, auto fuel discounts set to be announced

Government officials appear close to finalizing the details of a double energy-cost package providing subsidy support, in April, to households and businesses for significantly higher electricity tariffs as well as aid to motorists for hefty auto fuel price increases.

Finance minister Christos Staikouras and energy minister Kostas Skrekas are expected to announce the details of this latest support package tomorrow. It will include electricity subsidies for households and businesses in April, as well as auto fuel and diesel discounts, to be funded by additional tax revenues generated by liquid fuels.

According to sources, April’s electricity subsidies for households will be 40 percent higher, compared to March. These subsidies will cover electricity consumption, for the month, up to 300 MWh, and will be restricted to primary residences. Monthly subsidies per household could exceed 55 euros.

Businesses, professionals and farmers stand to receive even greater electricity subsidy support, totaling over 65 euros per MWh for all levels of consumption, sources informed.