Greek electricity bills: February prices at pre-crisis levels

Electricity prices for February are likely to return to pre-crisis levels, if the Energy Transition Fund subsidies are taken into account.

The large drop in electricity and natural gas market prices has a knock-on effect on the competitive charges announced by electricity providers.

Greek consumers: The level prices must reach for subsidies to stop

Price lists

Tomorrow, Friday, at midnight, electricity providers will announce their February price lists, which will have incorporated January’s plunge in the wholesale electricity market but also the fall in TTF on the Dutch stock market.

The average price on the Greek Energy Exchange also hit a new record low. Today it has fallen to 58.44 euros per Megawatt hour when on the 16th of the month it was 204.40 euros. Of course, electricity suppliers do not take into account the data of just a few days to form their charges, but of the whole month. And January so far is moving down against December.

Of course, the big drop in prices on the Energy Exchange is also attributed to the increased participation of cheap RES in the energy mix, which exceeds 54%. Thus the share of fossil fuel generators shrinks and the average price is affected by wind, solar and hydro.

TTF natural gas has also been moving in the last few weeks at the levels of 55 to 60 euros per Megawatt hour having marked a big jump from the levels of 150 euros per Megawatt hour in December.

The accounts

According to estimates, providers are expected to announce price lists that will range from 0.20 to 0.25 euros per kilowatt hour. These prices are expected from private individuals.

it is unknown at which levels PPC will move, while it is noted that in the current month the nominal charge was at 0.489 euros per kilowatt hour.

In February, as well, the key for the final prices will be the amount of the subsidy. The government always seeks to establish with the subsidy a final price of 0.14 to 0.16 euros per kilowatt hour. A charge which is calculated based on the nominal billing of PPC.

However, if the private providers move to the aforementioned levels, then it is possible to see final kilowatt-hour prices even below 0.09 to 0.07 euros per kilowatt-hour. Levels which were at the time before the outbreak of the energy crisis.