NEWS

Energy regulator to probe power prices

energy-regulator-to-probe-power-prices

The wholesale electricity market has not been running smoothly and authorities are concerned that exorbitant price rises may find their way onto consumers’ bills.

A month after the so-called “target model” to determine wholesale electricity prices was introduced in Greece, prices have more than tripled, prompting the Energy Regulatory Authority (RAE) to intervene.

The price rise has worried the Ministry of Environment and Energy, but, contrary to its claims, it has little or no power to intervene; market regulation is left to RAE.

The authority is investigating whether the sudden rise is due to a lack of supply or profiteering.