Major reduction in February power rates

Major reduction in February power rates

Greece’s power suppliers have announced significantly reduced electricity tariffs for February, with Public Power Corporation (PPC) saying that its rate is down 57-64% compared to January. 

The final consumer price depends on the amount of the electricity consumption subsidy announced every month by the Environment and Energy Ministry. The subsidy is set at a level that ensures that the final price of PPC – which as the country’s largest power supplier is the benchmark – will be maintained at the level of 15-16 cents per kilowatt-hour. 

PPC said its February rates are 19.9 cents/KWh for the first 500 KWh, compared to 48.9 cents/KWh in January; 21.1 cents/KWh for consumption over 500/KWh (down from 50.1 cents/KWh); and 15.8 cents/KWh for the night-time rate (from 44.8 cents/KWh). 

The reduced tariffs are attributed to the significant drop in prices on the Hellenic Energy Exchange, where last week wholesale prices fell for the first time in a year-and-a-half, reaching 58 euros per megawatt-hour, compared to €195/MWh earlier this month. 

The developments also reflect the reduced energy demand so far 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.


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