Electricity rates set to soar this month

June is seeing major hikes in the "green" electricity rates, after the wholesale price jumped in May to 81.08 euros per megawatt-hour from €60.11/MWh in April.

The average increase in June tariffs stands at 45% compared to May and a range of 12% to 70%. There the price per kilowatt-hour that consumers will pay for green tariffs varies between 11.898 and 17.984 cents compared to 9.5 and 10.96 cents in May.

PPC and the Natural Gas company (that also supplies electricity) absorbed most of the wholesale price increase, but private providers chose to maintain their profit margin on green tariffs and to a large extent recover losses from May prices.