Millions of households, as well as businesses, will be given the interventions announced today by the government for de-escalation and stabilization of increased electricity prices.
During the months of May and June Consumptions over 300 Kwh of the main residence are now subsidized, as well as the consumption of other household properties, at a rate of 50% on the increase in current. At the same time, the subsidy for the first 300 Kwh of the main residence is increased to 85%, for small enterprises to 80% and for the remaining enterprises to 60% of the increase in electricity. As a result, the subsidy scheme is expanding significantly at a cost of around € 900 million over the next two months.
A fee is added on the extra income of electricity producers, for the previous period, with the methodology defined by the Energy Regulatory Authority.
During the month of June will 60% of the increase is returned to the IBAN accounts of households for all electricity bills issued from December 2021 to May 2022 concerning the main residence. The return can reach up to 600 euros per beneficiary. The cost is estimated at 280 million euros.
From July 2022 until the end of the year, and if required by extension in the first half of 2023, is introduced mechanism for absorbing the extra income of producers in the wholesale market and at the same time the current mechanism of discounts on electricity tariffs is strengthened horizontally in order to stabilize the retail price.
More specifically, on a monthly basis the subsidy rate will be adjusted so that prices remain stable at certain levels averaged, significantly lower than those observed in previous months and slightly higher than those in force before the crisis. The mechanism is calculated to absorb 70% to 80% of the increase in the price per kilowatt hour for households, businesses and farmers.
The cost of this intervention for the 2nd half of the year, based on current electricity prices, is expected to be to about 2 billion euros. The cost to the State Budget is estimated at around 800m euros. The rest is expected to be covered by the resources of the Energy Transition Fund, in combination with the mechanism of absorption of additional revenues of producers in the wholesale electricity market.
The total cost of the above interventions for the rest of 2022 amounts to 3.2 billion euros, of which 1.1 billion euros are borne by the state budget.
How to apply for a refund of 60% of electricity costs
Alongside, 60% of the increased electricity cost is reimbursed charged to household consumers on behalf of their main residence, issued from 1 December 2021 to 31 May 2022.
It concerns home consumers for charges of their main residence, which have not been covered by the discounts given through the electricity bills, either by the state or by the providers.
The subsidy covers households-tax residents of Greece, with declared family income up to 45,000 euros. The subsidy will be given to the consumer’s IBAN account.
The return is given to those who paid a total electricity increase of six months over 30 euros and can not exceed 600 euros per consumer.
Prerequisite for receiving the aid is the expression of interest in a relevant platform which will be created for this purpose in collaboration with the Ministry of Digital Policy and AADE.
The details of the main residence will be obtained from AADE, as well the relative number of the current clock and the beneficiary will certify this information or update it in case the main residence has changed. Then the data of the electricity bills for each clock will be drawn from the electricity providers.
How is the refund amount calculated?
The refund amount is calculated per month according to the following formula:
Return amount =[Ποσό αύξησης λογαριασμού λόγω ρήτρας αναπροσαρμογής – Ποσό έκπτωσης από το κράτος επί της ρήτρας αναπροσαρμογής – Ποσό έκπτωσης από τον πάροχο επί της ρήτρας αναπροσαρμογής] * 60%.
It is estimated that for the reporting period of the subsidy, household consumers for their first home have been subsidized with 755 million euros, while they themselves have shouldered an additional cost of 464 million euros.
The cost to the state budget is therefore estimated at around € 280 million.
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