ECONOMY

Power rates soared 60 pct in six years

During the 2008-13 Greek recession, the country endured the steepest domestic electricity rate hikes seen anywhere in the European Union, amounting to a total of 60 percent over the six years.

This means there was an annual increase of 10 percent, according to data analyzed by the European Union’s Agency for the Cooperation of Energy Regulators (ACER) and the Council of European Energy Regulators (CEER) and presented last week in Brussels.

Greek industries also had to cope with an annual increase of 7 percent in industrial power rates over those six years, against an EU average of 4.4 percent. Last year Greece also posted a 119 percent annual hike in the charges related to renewable energy sources.