The starting prices for electricity in October have fallen to 14-16 cents per kilowatt hour, based on the price lists announced by power providers and the amount of the state subsidy unveiled by Environment and Energy Minister Kostas Skrekas on Wednesday.
Subsidies will continue to cover all consumers and power connections, without income criteria, but from next month a three-tier system will be introduced, with higher subsidies for lower consumption levels and additional discounts to reward energy savings.
In detail, the subsidies in October are as follows:
- For consumption of 0-500 kilowatt-hours per month, the subsidy is 43.6 cents per kilowatt-hour, covering 90% of the increase and 90% of households.
- For consumption of 501-1000 kilowatt-hours, a subsidy of 38.6 cents per kilowatt-hour (corresponding to 80% of the increase) which increases to 43.6 cents (as in the first tier) if consumption is reduced by at least 15% compared to the previous year.
- For consumption of 1001 kilowatt hours and above (applies to 2% of households), a subsidy of 33.6 cents per kilowatt hour. Likewise, if consumption is reduced by at least 15% compared to last year, the subsidy increases by 5 cents and reaches the previous level (38.6 cents).
- For the Social Residential Tariff, the subsidy is 48.5 cents per kilowatt hour.
For natural gas, DEPA will give all household consumers a horizontal subsidy of 90 euros per MWh, which will cover roughly 50 pct of the rate increase. For businesses, the subsidy will be 40 euros per MWh. Subsidies of natural gas for all commercial consumers and industry from the government will reach 40 euros per thermic MWh, regardless of size, turnover or number of employees in October.
Skrekas also announced a 10-euro levy per MWh for power companies for natural gas used by units. The revenue will be used to support vulnerable households, investments in alternative fuels and an expansion of natural gas infrastructure that helps end dependence on Russian gas.
Latest News
Economist: Greece Included in the Best Performing Economies in 2024
Meanwhile, Northern European countries disappoint, with sluggish performances from the United Kingdom and Germany.
EasyJet Expands Its Routes from Athens
The airline’s two new routes will be to London Luton and Alicante and they will commence in summer 2025.
Capital Link Forum Highlights Greece’s Economic Resurgence; Honors BoG Gov Stournaras
Capital Link Hellenic Leadership Award recipient, Bank of Greece Gov. Yannis Stournaras, an ex-FinMin, was lauded for his pivotal role during Greece’s economic recovery
Tourist Spending in Greece Up by 14%, Visa Card Analysis Shows
Greece’s capital Athens emerged as the most popular destination, recording a 17% increase in transactions with Visa cards, surpassing even the cosmopolitan island of Mykonos.
Inflation in Greece Unchanged at 2.4% in Nov. 2024
The general consumer price index (CPI) posted a 0.4% decrease in November compared to the previous month
2024 Christmas Holidays: Extended Shop Hours Schedule
The 2024 Christmas Holidays extended shop hours schedule commences on Thursday, December 12 and runs until the end of the year.
ELSTAT: Seasonally Adjusted Unemployment Down in October
The number of employed individuals reached 4,284,694, an increase of 67,723 compared to October 2023 (+1.6%) and 22,002 compared to September 2024 (+0.5%).
Greek PM’s Chief Economic Adviser Resigns
In the post on his Facebook page, Patelis did not disclose the reasons that led him to step down.
“Masdar Invests in the people of Greece and in the vision of TERNA ENERGY”
Four messages from the CEO of Masdar, the Arab renewable energy giant, after its acquisition of 70% of TERNA ENERGY
Lloyd’s List Greek Shipping Awards 2024: Honors for leading companies and personalities in the Greek shipping sector
20 awards presented at the 21st annual Lloyd's List Greek Shipping Awards