“With this risk hedging tool, we are shielding and protecting the Greeks from future painful energy crises,” stressed Energy and Environment Minister Kostas Skrekas.
A new contribution will be included in the charges of Public Utility Services (YKO) in the bills electricity. This end, will not exceed 1 minute per kilowatt hour for domestic consumers, as announced by Minister of Energy and Environment Kostas Skrekas.
This contribution will be directed to a new reserve account, in the framework of a permanent hedging mechanism.
“With this hedging tool, we shield and protect Greeks from future painful energy crises. At the same time, however, we are also proceeding with the rationalization of HYCO charges, as we reduce up to 70% the burden on household tariffs that have increased electricity consumption, because – for example – they have replaced oil or natural gas with electricity for their heating. It should also be taken into account that with the completion of the large interconnection of Crete, the HYCO charges will be reduced”said Mr. Skrekas.
The September subsidy is at 639 euros per transit hour
Mr. Skrekas announced support measures amounting to 1.9 billion euros. The absorption of increases in electricity reaches 94%.
The subsidy applies to all main and non-main residence amenitiesfor the total monthly consumption, without income criteria and regardless of provider. It concerns about six million household supplies.
The average monthly support for the Social Household Tariff (CTO) amounts to 677 euros in September, absorbing almost 100% of the increase.
The total amount of the subsidy for households in September amounts to 748 million euros.
For non-domestic tariffs:
For small and medium enterprises with power supply up to 35kVA and for all bakeries regardless of power supply, the subsidy is set for September at 604 euros/MWh, absorbing 89% of the increase.
This measure concerns 1,250,000 business services such as restaurants, shops, kiosks, convenience stores, hairdressers, offices, bakeries, etc. and is estimated at 401 million euros for September.
For all the rest commercial and industrial facilities with power > 35kVA the subsidy amounts to 342 euros/MWh.
For Agricultural Invoice the subsidy is determined at 639 euros/MWh absorbing 90% of the increase.
“The simple reading of the numbers demonstrates the enormous effort made by the Government, which is exhausting every financial possibility, in order to contain the energy costs and protect the income of the citizens, in the face of an unprecedented size and unknown duration energy crisis that affects the whole of Europe”, stressed Mr. Skrekas.
Receipts of 1.2 billion from the excess revenues of the energy companies
According to the minister, during the first 41 days of operation of the New Mechanism for the recovery of excess revenues from electricity production companies, the state collected 1 billion, 21 million euros which were directed to the Energy Transition Fund to strengthen subsidies to consumers.
Specifically, for this month the Government will allocate 1.9 billion euros to subsidize the electricity bills of households and businesses.
The three axes of the energy crisis policy
Mr. Skrekas emphasized that in a particularly unfavorable environment, Greece moved promptly and effectively in two directions to ensure the adequacy of natural gas and electricity supply and to create an integrated network of actions for the practical support of households and professionals against the supplied energy precision.
In order to achieve the goal, the government is moving along the following axes:
- New regulatory measures are being put into effect, such as the mechanism for recovering excess revenues from electricity generation, transparency in the prices announced by suppliers and facilitating consumers to switch providers free of charge.
- An ambitious program of infrastructure and actions is being promoted, such as the new floating reservoir in Revythoussa, the new floating liquefied natural gas gasification terminal in Alexandroupolis, the leapfrogging of Renewable Energy Sources and the doubling of lignite production.
- The Energy Transition Fund is being created, in order to take financial support measures for all households and professionals on a monthly basis.
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