By Chrysostomos Tsoufis
In the miracle of satiety, Jesus fed 5,000 people only 5 loaves and 2 fish. The government is also trying to achieve a “miracle” as it plans one horizontal intervention to … satiate all households by drastically reducing them electricity bills.
Before the energy crisis and Russian invasion of Ukraine, Greek consumers paid 0.11 € -0.13 € / Kwh. Without the current subsidy system the cost would have skyrocketed to 0.33 € -0.35 € / KWh. In other words, it would have tripled. With the subsidies, the situation is controlled for the small consumptions of 1200Kw / 4 months or 300Kw / month since the cost drops to 0.15 € / Kwh. For the rest, however, opening the account is a traumatic experience since the cost skyrockets at € 0.21 -0.27 € / Kwh. And while the government has given money, about € 2.1 billion in the first 5 months of this year, it is clear that the results are not what it wants.
Her ….. miracle will be the plan she prepares so that horizontally – for all households – charges to go back to last summer season. For businesses the prices will be a little higher. But with the existing system of subsidies, he would like 12 billion. € on an annual basis to achieve this, the government feels confident that its “formula” will allow it to achieve it with 5 billion € or 2.5 billion. € until the end of the year. And it has already put aside 1 billion. € by him budget and € 1.5 billion from Energy Transition Fund while resources will also arise from taxation of superprofits of energy companies.
The intervention scenario with a ceiling only at wholesale price has 2 big problems according to people in the market. The first is that he should check one by one all the producers players, to see what term contracts have been concluded for the period for which the interventions will be made, to see what problem will be created in each of them to compensate them for This difference. The second problem has to do with the electricity exports that the country makes as our market is connected to those of Italy and Bulgaria. The ceiling in the wholesale price would mean a subsidy of Italian and Bulgarian consumers with a Greek stamp.
The scenario that is constantly gaining ground is one mixed intervention both wholesale and retail price. The National Plan will proceed independently of the decisions at European level and the announcements should be expected from next week.
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