Renewable energy policy

The time to choose the right electricity rate has come, and the universe seems to have conspired with consumers and supported the efforts of the minister of environment and energy, Thodoros Skylakakis, to reduce prices.

As consumers struggle to find which set of power rates is ideal for them out of the "green," "blue," "yellow" and "orange" categories to be introduced from January 1, blue tariffs appear to be beating the green and yellow floating tariff.

Special tariffs will come into effect on January 1 for consumers who use smart meters for electricity consumption, designed by electricity suppliers in compliance with the decisions of the Ministry of Environment and Energy for the new framework that will determine retail electricity as of 2024.

Environment and Energy Minister Thodoros Skylakakis on Thursday announced a series of measures regulating the electricity market that aim to protect retail customers after the horizontal subsidies stop on January 1, 2024. There will also be a subsidy for up to some 1.2 million vulnerable consumers, he stated.

Average electricity prices for households in the first half of 2023 in the European Union are the lowest in Bulgaria (11.4 euros per 100 kWh), BGNES reported.

After a significant price increase that began before Russia's invasion of Ukraine but spiked in the second half of 2022, electricity and gas prices are stabilizing, the EU statistics office "Eurostat" said.

Government plans call for a gradual withdrawal of income support measures, as the country must once again produce significant primary budget surpluses. Accordingly, the Ministry of Finance has tried to contain expectations of handouts at Prime Minister Kyriakos Mitsotakis' keynote speech at the Thessaloniki International Fair on September 9.

The Ministry of Environment and Energy announced on Tuesday that it will continue to support electricity consumers in August with a total amount of 19 million euros.

Wholesale electricity rates may have fallen from €104.98 euros per megawatt-hour in May to €86.90/MWh in June (to date), but this significant reduction will not be reflected in the bills consumers will receive for July, based on kilowatt-hour prices announced by providers.

Heron Group on Wednesday announced the signing of long-term power purchase agreements (PPAs) with RWE Renewables Europe & Australia and PPC Renewables, through their joint venture Meton Energy.

Under the terms of the agreement, Heron will supply approximately 192 gigawatt-hours of green electricity each year.

The majority of electricity suppliers have announced reduced tariffs in June (compared to those in May), following the decline in prices on the Energy Exchange.