Electricity: Reduced tariffs for February announced by suppliers – Lower up to 64% of PPC

PPC and the other suppliers have announced significantly reduced charges for the electricity tariffs that will apply in February, compared to the current January tariffs.

As is well known, the final consumer price depends on the amount of the electricity consumption subsidy announced every month by the Ministry of Environment and Energy.

The subsidy is set at a level that ensures that the final price of PPC, which is the benchmark as it is the largest supplier, will be maintained at the level of 15-16 cents per kilowatt hour.

Therefore, the reduction of the initial price by the suppliers means that, as long as the target for the final price remains the same, the amount of the subsidy that will be announced within days will be correspondingly reduced next month.

The PPC tariff announced last night is reduced by 57-64% compared to January and is below 20 cents per kilowatt hour. Specifically, PPC prices for the next month are:

-19.9 cents per kilowatt hour, for the first 500 kilowatt hours of the month compared to 48.9 cents in January and

-21.1 cents per kilowatt-hour, for monthly consumption over 500 kilowatt-hours (from 50.1)

-15.8 cents for night current versus 44.8 in January.

The basic tariffs announced so far by the other electricity suppliers:

Protergia: 24.8 cents per kilowatt hour (18.8 with consistency rebate) from 48 and 42 cents per kilowatt hour in January respectively.

Heron: 24.9 cents per kilowatt hour (up from 43 in January)

Elpedison: 19.5 cents per kilowatt-hour daily consumption and 18.83 at night (from 45 and 44.33 respectively).

Watt&Volt: 24.5 cents per kilowatt hour (from 45.9)

ZeniΘ: for consumption up to 270 kilowatt hours, 19.49 cents per kilowatt hour (from 46.5). Excess consumption is charged at 20.49 cents per kilowatt hour (up from 47.5).

The reduced tariffs are attributed to the significant drop in prices on the Energy Exchange. The average price of electricity in the first 20 days of January is 195 euros per megawatt hour, while last week, for the first time after 1.5 years, it even fell to 58 euros (intraday even zero prices were recorded).

In comparison, in the summer of 2022 the price in the intraday market had reached close to 700 euros and intraday at 936 euros per megawatt hour).

The developments reflect the reduced demand for energy both in Greece and Europe-wide due to the mild winter, the assurance of natural gas sufficiency and the drop in gas prices on the Dutch stock exchange below 60 euros per megawatt hour.

RES-EMP

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