90% of the amount will be taxed and the money will be added to the Energy Transition Fund
In retroactive taxation, 373.55 million euros, which correspond to a surplus of electricity production companies for the period from October 2021 to June 2022, the government is proceeding, after the relevant data has been communicated to the Minister of Environment and Energy, Kostas Skrekas.
As the government has committed, 90% of the excess income will be taxed and the money will go to the Energy Transition Fund.
In more detail, the statement of Kostas Skrekas:
“I recently received the conclusion of the Energy Regulatory Authority, regarding the temporary amount of the extraordinary levy of electricity production companies for the period October 2021-June 2022, which the Authority determines at €373.55 million. The government, consistent with its commitments, it immediately proceeds with retroactive taxation of the excess income, with the recovery of the above amount.
We are the first member state of the European Union to tax the profits of these companies, retroactively from October 2021 to June 2022, at a rate of 90%. The money will go into the Energy Transition Fund and add to what we have already recovered at source from July 2022 to date. Thus, the excess revenues recovered by the energy companies in total for the period October 2021-October 2022, reach 2.69 billion euros. At the same time, around the middle of November, we are submitting a legislative initiative to recover any surpluses arising from the energy supply companies.
From the beginning of this great test for the whole of Europe, the government and personally the Prime Minister Kyriakos Mitsotakis pledged to the Greek people that he would not allow any kind of profiteering. We fully implement this political commitment in the energy sector as well. Our primary concern is to maintain affordable prices on consumer bills until the end of the major pan-European energy crisis.”
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