ECONOMY

Electricity rates to climb by as much as 40 pct in 2013

The demand by Greece?s creditors for electricity rates to reflect the full cost of production will bring about fresh rate hikes by June 2013.

The draft memorandum Athens has agreed to with the troika will spread the rise over two or three installments, with the first coming as early as January.

Based on the cost data that Public Power Corporation presented to the Regulatory Authority for Energy in August, the implementation of the measure will entail rate hikes up to 40 percent for households and businesses with low consumption and is expected to affect no fewer than 2.2 million consumers.

Sources say that the competent ministry will initially examine the possible expansion of the so-called Social Household Rates to include households with low consumption that are not covered by the criteria used today and are set for the biggest rate increase next year.