Power companies announce lower tariffs for February

Power companies announce lower tariffs for February

The country’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 Ministry of Environment and Energy. 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 per kilowatt hour for the first 500 kilowatt hours, compared to 48.9 cents in January; 21.1 cents per kilowatt-hour for consumption over 500 kilowatt-hours (down from 50.1 cents); and 15.8 cents for the night-time rate (from 44.8 cents).

The reduced tariffs are attributed to the significant drop in prices on the Hellenic Energy Exchange, where last week wholesale prices fell the first time in 1.5 years, reaching €58 per megawatt hour, compared to 195 euros per megawatt hour 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 to below €60 euros per megawatt hour. [AMNA]

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