The Greek government, domestic power providers and fuel vendors are continuing to focus on possible repercussions from the ongoing surge in global energy prices, especially natural gas.
Heating oil prices, for instance, debuted this week in the east Mediterranean country at some 45 percent higher (roughly 1.13 euros per liter) than their debut last year.
At the same time, the next-day wholesale electricity price exceeded 210 euros per megawatt, continuing last week’s rally of more than 200 euros on a daily basis.
In terms of natural gas prices in Greece, wholesale industrial consumers are bracing for increases in monthly bills ranging from 20 to 40 percent.
The first measure to blunt higher prices is the use of revenues from emission rights auctions, something approved by the Commission.
Temporary measures announced last week include an 18-euro per month subsidy for certain categories of households, expansion of the heating oil subsidy to include more households and a 15-percent discount offered by the natgas provider in the country, DEPA, for heating use.
More permanent measures are being examined for professionals and businesses.
On a more strategic view, and in opposition to the current government’s high-profile pledge to completely eliminate lignite use over the next few years, the Public Power Corp. (PPC), Greece’s state-run and dominant power utility, has opened previously sealed lignite pits and resumed mining there.
The goal is to accumulate enough lignite deposits to ensure the smooth operation of still open lignite-fired power stations, and, if necessary, restart units previously closed as part of the de-lignitization policy.
Latest News
ELSTAT: Building Permits Increased by 40.1% in Greece
Focusing on Private Construction Activity during this period, there was a 41.8% increase in building permits nationwide, a 40.2% rise in the area, and a 26.8% expansion in volume
Greek Economy: Bankers’ Insights on Investments and Reforms
He also noted that the Recovery and Resilience Fund has seen over 50% of its funds absorbed, with more than 20% having been directed into the real economy.
Greece: Airbnb Occupancy Hits 40% in June
This growth, averaging about 20,000 new units per month, pushed the total number of accommodations to 224,860 by June, up from 204,578 the previous year.
Fraport: Greece’s Regional Airports See 5.9% June Surge
Overall, during the first half of 2024, Fraport Greece's airports achieved remarkable results, handling more than 12.7 million passengers, a 7.8% increase compared to 2023.
SFEE: Just 1 in 5 New Pharmaceutical Drugs Reach Greece
Greece spends 70% less than the European average on pharmaceuticals, and Greek patients face significant challenges accessing pharmaceutical drugs and treatments that are available in the country
Attica Bank: Merger Process With Pancreta Commences
A relevant announcement said the merger with Pancreta is expected to be completed by mid September
Crete’s Heraklion Port Concession Deal Approved
Owner of Minoan Lines Grimaldi Group acquired a 67% share of the port for a total price of 80 million euros
Santorini Warning of Cruise Passenger Influx Causes Uproar
A Santorini councilman urged locals to stay put and limit their activities during the arrival of cruise ships due to overtourism
European Commission Approves Fourth 2.3 Billion Loan Payment to Greece Under RRF
The Commission's preliminary assessment of Greece's request, completed on June 14, 2024, was positive, reflecting Greece's successful implementation of its recovery and resilience plan
Greek Tourism: Projects Shaping the Landscape
In Vonitsa, Aetolia-Acarnania, the Varko Bay resort is emerging as the first ultra-luxury retreat by Banyan Tree in Europe