Skrekas: New revenue recovery mechanism from energy suppliers – Cheaper electricity for consumers

The government’s excess revenue recovery mechanism for power producers, which ensures lower prices for the final consumer compared to most European countries, will remain in place and be extended with the implementation of a recovery mechanism from suppliers as well, said today at a press conference Minister of Environment and Energy Kostas Skrekas.

The minister recalled that the maximum prices imposed on electricity producers since last July are lower than the ceiling set by the EU three months later (with the Regulation approved last week by the Council of Ministers) and will remain at this level. The result of the implementation of the mechanism, as he said, is that, considering the floating tariffs, Greece has the second lowest domestic tariff among 15 European countries, while in Portugal and Spain the prices are 20% and 80% more expensive respectively.

The changes promoted include on the one hand the recovery – from the November – any excess revenues from the suppliers, which arise in cases where government subsidies lead to zero electricity tariffs, and on the other hand, the possibility of lifting the ceiling for natural gas units from which almost zero recovery of excess revenues is found. Any excess revenue recovered will be channeled to subsidize consumers.

Mr. Skrekas pointed out that the consultations are continuing with the European countries (mainly Germany and the Netherlands) that are reacting to the Greek proposal to impose a ceiling on the import price of natural gas (which is already supported by 16 member states). “Today, Europe is buying the most expensive natural gas, without any objective reason. The Greek proposal foresees the imposition of a changing price limit in relation to the fluctuation of prices on the international Stock Exchanges, in order to ensure on the one hand the supply of the European market and on the other hand the containment of prices”, emphasized the minister. Consultations will continue next Tuesday in Prague.

In response to a question about the adequacy of supply in the event of an interruption in the flow of Russian natural gas, Mr. Skrekas emphasized that all the necessary measures have been taken (gas storage in Italy, increase in lignite production, securing Liquefied Natural Gas loads, etc.) in order for the risk to be almost zero, after taking into account the supply needs of Bulgaria, which depends on the Greek system. He reiterated that there is no plan for cuts in the energy supply of domestic consumers and that the European savings target will be achieved by reducing consumption at medium and high voltage through tenders.

Mr. Skrekas assured that the possibility of changing supplier without conditions will remain, but with measures that will ensure that strategic non-payers will not be supported while he announced that a time limit will be set for the period of time for consumers to remain in the universal service regime.

RES-EMP

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