Feed-in tariff

Despite the drop in its wholesale rates of electricity, by 8% on a daily basis, the Greek power market remained the most expensive in Europe for the second day in a row on Monday.

The average price per megawatt-hour stood at 133.98 euros compared to €146.16/MWh on Sunday. Over the past seven days, the average price of a megawatt-hour in the Greek market fell to an 81-week low.

Natural gas prices for household consumers dropped 23% in February, according to a report by HEPI (Household Energy Price Index for Europe) released on Wednesday.

The government has significantly reduced the level of electricity bill subsidization for February, given the considerable decline in international natural gas rates, which have slashed the cost of electricity production.

The fall of natural gas prices and the nominal electricity rates issued by providers for February, which are 60% less expensive than those of January and quite similar to pre-crisis levels, is leading to a major easing of pressure on state coffers.

Greece's power suppliers have announced significantly reduced electricity tariffs for February, with Public Power Corporation (PPC) saying that its rate is down 57-64% compared to January. 

Greece recorded one of the cheapest retail electricity prices in Europe in December noted Environment and Energy Minister Kostas Skrekas in a statement regarding the figures for the Household Energy Price Index throughout Europe.

Around February 20 the government will launch the Market Pass platform for the food purchase allowance, while the low international rates of natural gas may give the government some fiscal room for another pre-election handout, as the electricity rate subsidy will be reduced.

The Czech government in an emergency meeting on Monday approved measures to limit the price of electricity and gas for households, small and medium-sized enterprises and public institutions. This was announced to journalists by Prime Minister Petr Fiala.

The Turkish government is working on arrangements to reduce electricity bills some 25 percent for businesses, Energy and Natural Resources Minister Fatih Dönmez has said.

"A multiple-grade tariff will be brought for small businesses. A discount of 25 percent is being considered for the low-consumption grade," he told a private broadcaster on Feb. 17.

Authorities are putting the final touches on work to ease the burden of electricity bills on households and businesses.

Government officials are devising a plan with different options, expected to be submitted to the cabinet soon.