x

Economy

Cap on Wholesale Price of Power to Electricity Providers Goes into Effect

ATHENS – A Ministerial Decision that caps wholesale electricity prices charged by power producers to power providers, with different rates depending on the technology used, was published on Thursday. This is the cornerstone of the government’s policy for containing retail prices paid by consumers.

Under the mechanism, the revenues that arise based on the difference between the cap and the daily prices on the enery exchange will be directed to the Energy Transition Fund in order to finance the subsidies of household and business electricity bills. Suppliers are also required to announced the prices they will charge each month, at least two months before they start to apply.

When the mechanism first goes into operation on July 10, the prices that will apply in August will be announced, while the rates for September will be announced on July 31. The rates announced are expected to be high because they will not include the subsidies that providers had offered their clients up until now. The final prices for consumers will be significantly lower, however, once the state subsidies per KWh are also factored in.

According to the decision, the cap for power producers in July will be as follows:

– 112 euros per MWh for hydroelectric power

– 85 euros per MWh for other renewable energy sources

– 208.29 euros per MWh for power from coal-fired units

– 292 euros per MWh for power from combined cycle natural gas units

– 408.47 euros per MWh for power from open cycle natural gas units

The cap will be fixed for hydroelectric and RES power plants, while for other means of power production it will use a mathematical formula that will calculate the cap on a monthly basis, depending on international prices for natural gas, carbon emission rights and the efficiency of the units. The cap will be calculated on the second-to-last working day of each month and set the price for the billing of the next month.

RELATED

ATHENS - Eye-watering prices for olive oil - 15 euros ($16.

Top Stories

Columnists

A pregnant woman was driving in the HOV lane near Dallas.

General News

NEW YORK – Meropi Kyriacou, the new Principal of The Cathedral School in Manhattan, was honored as The National Herald’s Educator of the Year.

Video

2 Germans, a Spaniard and a Senegalese Killed in Building Collapse in Spain’s Mallorca Island

MADRID (AP) — Spain's National Police on Friday gave details on four people killed when a building housing a bar and restaurant club collapsed on the island of Mallorca.

ALBANY – New York State Assemblyman Michael Tannousis (R,C-Staten Island/Brooklyn) alongside Assemblyman Mike Reilly (R,C-Staten Island) and Senator Jessica Scarcella-Spanton, announced the passage in the Assembly of ‘Detective Brian Simonsen’s Law,’ a bipartisan proposal that will require cell phone providers to immediately disable services to stolen cell phones.

After claiming it wasn't responsible for refugees on an overcrowded boat who drowned in an overcrowded fishing boat on June 14, 2023 because it was in international waters, Greece’s attempt to blame nine Egyptians sank when a Greek court said it had no jurisdiction.

Dear Stavroula, I have been married for two years and my wife is a wonderful person – loving and giving.

ATHENS - Eye-watering prices for olive oil - 15 euros ($16.

Enter your email address to subscribe

Provide your email address to subscribe. For e.g. [email protected]

You may unsubscribe at any time using the link in our newsletter.