Bundle of interventions for the electricity market with the aim of protecting consumers, with the establishment of a single tariff after the end of the framework of horizontal subsidies, from 1.1.2024, announced the Minister of Environment and Energy Thodoros Skylakakis.

The main features of the new, uniform tariff established from 1.1.2024 are that on the 1st of each month the price that will apply the following month will be known and will result from a mathematical formula that will be defined by a Ministerial Decisionplus the profit margin that each supplier will apply. The price will change every month so the invoices will be adjusted up or down based on the previous price evolution and other factors that will be included in the formula. The price will be final, i.e. any discounts must be incorporated in the invoice announced by each supplier.

In the new uniform tariff all consumers will be transferred automaticallyexcept:

  • those with fixed price contracts and
  • those who choose a different tariff from the single one, preferring another of the products available from the suppliers.

Mr. Skylakakis clarified that consumers with valid contracts can also switch to the single tariff as the change of supplier will continue to take place (as is the case today) without penalty for the consumer.
“If we did not intervene, the supplier would essentially decide on behalf of the consumer. The main weakness today is that it is very difficult for the consumer to decide who is the cheapest supplier. We are obliged to protect consumers”, underlined Mr. Skylakakis.

The new invoices will be color coded, with that of the special tariff being green. The constants will be blue, the rest fluctuating yellow and the dynamic orange markings. “Since the suppliers have a conflict of interest, we chose to have the State do this so that consumers can compare” explained Mr. Skylakakis.