The… cards of Kostas Skrekas in the energetic poker game

of Chrysostomos Tsoufis

Energy Minister Kostas Skrekas laid all his cards on the table with his letter to the Commission, requesting the creation of a special European fund for the energy crisis, ahead of the Energy Ministers’ meeting on Friday.

The Greek Minister of Energy in his letter requests the fund – whose mission will be to deal with the consequences of the energy crisis – to be shielded with 80 billion euros through a loan from the European Investment Bank.

This loan will be able to be serviced – according to the Greek proposal – with the income from a fee of €10/Mwh that will be imposed on electricity producers that use natural gas.

According to the Greek side, this fee – if it is adopted at the European level, because Athens has already announced that it will impose it – could potentially generate 9 billion euros.

The revenues that will be collected in this special fund will be directed to support vulnerable households and small and medium-sized enterprises, green investments and infrastructure investments that will accelerate the transition from Russian natural gas.

The Greek side is particularly active just days before the crucial meeting, as it appears to have signed another letter, which according to Reuters is being circulated by Belgium, Italy, Poland and Malta, asking Brussels to submit a proposal immediately for a ceiling on the price of natural gas imported into Europe from any source.

It is still unknown how the Commission will react, given that there is another bloc of countries, with Germany, the Netherlands, Denmark and Luxembourg as the main spokesmen, reacting as they believe that such a measure would undermine Europe’s ability to ensure natural gas from other, trusted suppliers.

Naturally, Greece will argue for the smallest possible changes to the profit recovery mechanism it already implements with significant results.

The first Greek objection has to do with the height of the ceiling on the profits of power producers proposed by the Commission – according to information at €180/Mwh – which is considerably higher than the Greek one, if it is adopted in the proposed form it will mean a loss of significant resources.

The second Greek objection has to do with the promoted exemption from the specific ceiling of power producers using natural gas. Here, however, the government has already taken its measures by announcing the end of €10/Mwh to natural gas producers.

In addition, Athens is against the obligation to reduce natural gas consumption by 5% during peak hours as it is difficult to implement – since not all users have smart meters installed – on the other hand it has caused particular discomfort to industries.

With public statements by both Mr. Skrekas and the government representative Yiannis Oikononos, the government has already declared that it will apply the 33% solidarity levy to the profits of the refineries, even if it is “watered”, since with the current data it only concerns the profits of 2022 that exceed by 20% the average of profits in the last four tax years after January 1, 2018, not three according to the first reports.

The Commission is expected in a few hours to mark the beginning of the “energy poker game” by announcing yet another framework of proposals.

And then the game will begin.

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