Consumers will be able to save money by shifting consumption during off-peak hours and avoiding the use of energy-intensive devices during peak hours
Electricity suppliers are preparing special tariffs for consumers who have smart power consumption meters that will come into effect from January 1, 2024, in compliance with the decisions of the Ministry of Environment and Energy on the new framework that will govern electricity retail from the new year.
Smart meters ensure significant advantages for consumers, the main one being the application of different tariffs during the day depending on the fluctuation of prices in the Stock Exchange.
So, for example:
– During midday summer hours, when PV production peaks and the market price drops (or often zero), correspondingly lower consumer prices will apply.
– During peak hours (e.g. the afternoons when the production of the photovoltaics fails) the charges will be more expensive.
Consumers will be able to save money by transferring consumption during off-peak hours and avoiding the use of energy-intensive devices during peak hours.
At a later stage, the transfer of consumption to off-peak hours will be able to be compensated by the market through demand response mechanisms, as is already the case for large consumers.
In addition, in combination with rooftop solar and/or battery, consumers will also be able to participate in the market by selling, storing or buying energy depending on the price fluctuation during the day.
Over 500,000 smart meters in 2023
According to the data included in the revised energy planning submitted by the Ministry of Foreign Affairs to the European Commission, by 2021 13,000 smart meters at the medium voltage level and 70,000 at the low voltage level had been deployed, mainly for consumers with high electricity demand.
In 2022, 100,000 smart meters installed. They are estimated to increase to 500,000 in 2023 and between 800,000 and 1 million each year from 2024 to 2030. DEDDIE’s goal is for all consumers to have a smart meter by 2030 while by the end of 2024 it is estimated that over half energy (55%) distributed in the network will be recorded with smart meters (telemetering).
At the same time, the DEDDIE tender with a budget of 1.2 billion euros is underway for the supply and installation of a total of 7.3 million low-voltage smart meters, a project for which a financing agreement between the Administrator and the European Bank was signed last week in the presence of the Prime Minister Investments. The tender is expected to be completed in early 2024.
The installation of smart meters is also linked to dealing, to a certain extent, with the problem of electricity theft, which amounts to 4.5% of the energy consumed. The cost of stolen energy (€400 million per year) is shared among other consistent consumers, which means that tackling electricity theft can also lead to lower electricity bills.
The Regulatory Authority has set the Operator a specific timetable for reducing electricity theft (2023: to 4.2 %, 2024: 3.8 %, 2025: 3.3 %, 0.5 % in 2030) with a penalty (loss of revenue) in case failure.
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