Renewable energy policy

Greece was among the cheapest markets in Europe in terms of the price of electricity paid by households in the fourth quarter of 2022, while in the same period it had the most expensive wholesale markets. 

Reduced tariffs in June (compared to those in May) were announced by the majority of electricity suppliers, following the decline in prices on the Energy Exchange.

Electricity suppliers announced on Friday lower bills for May, with prices very close to the target set by the government for final charges to consumers. 

More specifically, Public Power Corporation reported a charge of 15.9 cents per kilowatt-hour for energy consumption up to 500 KWh, down from 16.5 cents in April). 

Renewable Energy Source producers are turning to the market and to bilateral contracts with industry, looking for increased returns from the high prices of the current situation.

The majority of Greek power providers announced late on Monday significantly lower rates for April, following the easing of prices in the Greek energy exchange and in international markets.

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.

The energy upgrade of properties represents a big challenge over the next four years, as the country will have to spend many billions of euros to meet target.

The SPIRIT agency for entrepreneurship, internationalisation, FDI and technologies has received nearly 2,000 requests for energy subsidies from companies seeking a total of €399,5 million. €650 million has been earmarked for the measure.

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.

Environment and Energy Minister Kostas Skrekas will on Tuesday morning announce the subsidies for February electricity consumption, which will be significantly lower than those of January, after the de-escalation of the wholesale electricity price led to a nominal kilowatt-hour price 60% below the current price.